M/s. Algae Apparels ('Financial Creditor') filed C.P.(IB)No.204/BB/2020 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. SWE Fashions Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor had defaulted on a total amount of Rs. 2,48,95,572.83/-. The Financial Creditor stated that they had given a loan of Rs. 2,50,00,000/- to the Corporate Debtor, and a Loan Agreement was executed on December 30, 2018. The Corporate Debtor expressed inability to pay the installments due to financial difficulties.
M/s. Algae Apparels, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. SWE Fashions Private Limited, the Corporate Debtor, for defaulting on a total amount of Rs. 2,48,95,572.83/-. The Financial Creditor and the Corporate Debtor entered into a Loan Agreement on December 30, 2018, where the Financial Creditor provided a loan of Rs. 2,50,00,000/- to the Corporate Debtor. The Corporate Debtor admitted to the debt and default and expressed willingness to settle the claim. The Corporate Debtor passed a Board Resolution on December 27, 2018, for obtaining the loan. The Corporate Debtor could not repay the loan amount as agreed in the Loan Agreement due to financial constraints. The debt is outstanding in the books of the Corporate Debtor
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The Corporate Debtor passed a Board Resolution…
A Loan Agreement was…
M/s. Algae Apparels ('Financial Creditor') filed C.P.(IB)No.204/BB/2020 under Section 7 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. SWE Fashions Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor had defaulted on a total amount of Rs. 2,48,95,572.83/-. The Financial Creditor stated that they had given a loan of Rs. 2,50,00,000/- to the Corporate Debtor, and a Loan Agreement was executed on December 30, 2018. The Corporate Debtor expressed inability to pay the installments due to financial difficulties.
M/s. Algae Apparels, the Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against M/s. SWE Fashions Private Limited, the Corporate Debtor, for defaulting on a total amount of Rs. 2,48,95,572.83/-. The Financial Creditor and the Corporate Debtor entered into a Loan Agreement on December 30, 2018, where the Financial Creditor provided a loan of Rs. 2,50,00,000/- to the Corporate Debtor. The Corporate Debtor admitted to the debt and default and expressed willingness to settle the claim. The Corporate Debtor passed a Board Resolution on December 27, 2018, for obtaining the loan. The Corporate Debtor could not repay the loan amount as agreed in the Loan Agreement due to financial constraints. The debt is outstanding in the books of the Corporate Debtor
…The Corporate Debtor passed a Board Resolution…
A Loan Agreement was…