Indiabulls Housing Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Utkram Chemicals Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was unable to pay a sum of Rs. 2,53,49,917 towards a loan granted, including accrued interest. The Financial Creditor disbursed the loan in 2016, and the Corporate Debtor executed a loan agreement dated 2019-01-19, undertaking to repay the loan in installments, but failed to do so. The Corporate Debtor issued various ECS between 2016-09-06 and 2017-07-07 towards repayment, but all ECS bounced.
Indiabulls Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Utkram Chemicals Pvt. Ltd. (Corporate Debtor). The Corporate Debtor failed to repay a loan of Rs. 2,53,49,917, including interest, disbursed in 2016. A loan agreement was executed on 2019-01-19, with an undertaking to repay in installments, but no payments were made. ECS issued by the Corporate Debtor between 2016-09-06 and 2017-07-07 bounced. The Corporate Debtor did not file a reply to the application despite opportunities and remained absent during the hearing. The Financial Creditor provided a Loan Sanction Letter and agreement as evidence. The Financial Creditor
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Indiabulls Housing Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Utkram Chemicals Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was unable to pay a sum of Rs. 2,53,49,917 towards a loan granted, including accrued interest. The Financial Creditor disbursed the loan in 2016, and the Corporate Debtor executed a loan agreement dated 2019-01-19, undertaking to repay the loan in installments, but failed to do so. The Corporate Debtor issued various ECS between 2016-09-06 and 2017-07-07 towards repayment, but all ECS bounced.
Indiabulls Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Utkram Chemicals Pvt. Ltd. (Corporate Debtor). The Corporate Debtor failed to repay a loan of Rs. 2,53,49,917, including interest, disbursed in 2016. A loan agreement was executed on 2019-01-19, with an undertaking to repay in installments, but no payments were made. ECS issued by the Corporate Debtor between 2016-09-06 and 2017-07-07 bounced. The Corporate Debtor did not file a reply to the application despite opportunities and remained absent during the hearing. The Financial Creditor provided a Loan Sanction Letter and agreement as evidence. The Financial Creditor
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The Corporate Debtor…