The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kunal Finance and Credit Private Limited & Aris Capital Private Limited (Financial Creditors) against M/s. Tirumala Projects Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed that the Corporate Debtor defaulted in repaying unsecured loans amounting to Rs. 18,00,000/- and Rs. 17,00,000/- with interest at 17% p.a. till 01.08.2017. The Corporate Debtor opposed the application, contending that the Financial Creditors were not authorized to lend money, the claim was barred by limitation, and there were disputes that could be resolved amicably.
Kunal Finance and Credit Private Limited and Aris Capital Private Limited (Financial Creditors) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirumala Projects Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed that they had sanctioned and disbursed unsecured loans in the form of Inter Corporate Deposits to the Corporate Debtor, amounting to Rs. 18.00 Lacs and Rs. 17.00 Lacs respectively, on 27.12.2013. These loans were disbursed via transfer/RTGS to the Corporate Debtor's bank accounts. The Inter Corporate Deposits were initially granted for 120 days and were renewed with interest at 17% p.a. from 27.12.2013. The interest rate was later
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Kunal Finance and Credit Private Limited & Aris Capital Private Limited (Financial Creditors) against M/s. Tirumala Projects Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed that the Corporate Debtor defaulted in repaying unsecured loans amounting to Rs. 18,00,000/- and Rs. 17,00,000/- with interest at 17% p.a. till 01.08.2017. The Corporate Debtor opposed the application, contending that the Financial Creditors were not authorized to lend money, the claim was barred by limitation, and there were disputes that could be resolved amicably.
Kunal Finance and Credit Private Limited and Aris Capital Private Limited (Financial Creditors) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tirumala Projects Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed that they had sanctioned and disbursed unsecured loans in the form of Inter Corporate Deposits to the Corporate Debtor, amounting to Rs. 18.00 Lacs and Rs. 17.00 Lacs respectively, on 27.12.2013. These loans were disbursed via transfer/RTGS to the Corporate Debtor's bank accounts. The Inter Corporate Deposits were initially granted for 120 days and were renewed with interest at 17% p.a. from 27.12.2013. The interest rate was later
…Financial Creditors…
Interest rate…