The case pertains to an application filed by Lauls Limited, the operational creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against United Ukraine Technologies Pvt. Ltd., the corporate debtor. The petitioner, Lauls Limited, claimed to have extended a loan of Rs. 90 lakhs to the corporate debtor under an agreement dated October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor defaulted on the repayment terms, leading the financial creditor to issue a demand notice on February 25, 2019, after initial repayments of Rs. 35 lakhs.
Lauls Limited (the petitioner) extended a loan of Rs. 90 lakhs to United Ukraine Technologies Pvt. Ltd. (the corporate debtor) on October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor was to repay the loan in 12 fortnightly installments of Rs. 7,86,456/-. The corporate debtor defaulted on the repayment terms, failing to make payments due on November 7, 2018, and November 22, 2018. The corporate debtor made a repayment of Rs. 35 lakhs. The financial creditor issued a demand notice on February 25, 2019, recalling the entire loan amount and overdue interest. The corporate debtor admitted to the outstanding liability but claimed inability to liquidate it. The petitioner filed a petition under Section 7
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Loan agreement between Lauls Limited and United…
Corporate D…
The case pertains to an application filed by Lauls Limited, the operational creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against United Ukraine Technologies Pvt. Ltd., the corporate debtor. The petitioner, Lauls Limited, claimed to have extended a loan of Rs. 90 lakhs to the corporate debtor under an agreement dated October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor defaulted on the repayment terms, leading the financial creditor to issue a demand notice on February 25, 2019, after initial repayments of Rs. 35 lakhs.
Lauls Limited (the petitioner) extended a loan of Rs. 90 lakhs to United Ukraine Technologies Pvt. Ltd. (the corporate debtor) on October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor was to repay the loan in 12 fortnightly installments of Rs. 7,86,456/-. The corporate debtor defaulted on the repayment terms, failing to make payments due on November 7, 2018, and November 22, 2018. The corporate debtor made a repayment of Rs. 35 lakhs. The financial creditor issued a demand notice on February 25, 2019, recalling the entire loan amount and overdue interest. The corporate debtor admitted to the outstanding liability but claimed inability to liquidate it. The petitioner filed a petition under Section 7
…Loan agreement between Lauls Limited and United…
Corporate D…