Meridian Telesoft Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The petition was filed against Swayam Metals Limited, formerly known as Somani Strips Ltd., for default in repayment of a loan.
Meridian Telesoft Limited (the financial creditor) filed a petition against Swayam Metals Limited (the corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Meridian Telesoft Limited, incorporated on 09.10.1992, is in the business of providing business loans. Swayam Metals Limited, incorporated on 25.05.1992, obtained a loan of Rs. 5,00,000/- from Meridian Telesoft Limited on 1st April 2010, against a promissory note dated 3rd April 2010, with an interest rate of 12% per annum. As per the calculation, an amount of Rs. 14,07,337/- was payable by the respondent. The applicant claimed that Rs. 9,07,337/- had accrued till 15.05.2019. The respondent did not raise any dispute regarding the claim and acknowledged the loan from time to time. The
…Sign in to view the parties.
The applicant/operational creditor…
Execution of promissory…
Meridian Telesoft Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The petition was filed against Swayam Metals Limited, formerly known as Somani Strips Ltd., for default in repayment of a loan.
Meridian Telesoft Limited (the financial creditor) filed a petition against Swayam Metals Limited (the corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Meridian Telesoft Limited, incorporated on 09.10.1992, is in the business of providing business loans. Swayam Metals Limited, incorporated on 25.05.1992, obtained a loan of Rs. 5,00,000/- from Meridian Telesoft Limited on 1st April 2010, against a promissory note dated 3rd April 2010, with an interest rate of 12% per annum. As per the calculation, an amount of Rs. 14,07,337/- was payable by the respondent. The applicant claimed that Rs. 9,07,337/- had accrued till 15.05.2019. The respondent did not raise any dispute regarding the claim and acknowledged the loan from time to time. The
…The applicant/operational creditor…
Execution of promissory…