The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Kalindi Ispat Pvt. Ltd., an Operational Creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Uttranchal Biodiesel Ltd., the Corporate Debtor, due to its inability to liquidate its debts. The Operational Creditor claimed that a sum of Rs. 1,60,00,000/- was given as an unsecured loan, due and payable by the Corporate Debtor with 15% interest per annum from 01.04.2010. The Operational Creditor stated that the debt was acknowledged on 01.04.2012. A demand notice under Section 8 of the Code was issued on 29.10.2018 after the Corporate Debtor failed to return the amount requested on 18.07.2018. The Corporate Debtor denied any liability, stating a
…M/s. Kalindi Ispat Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Uttranchal Biodiesel Ltd. (Corporate Debtor). The Operational Creditor claimed that it had extended an unsecured loan of Rs. 1,60,00,000/- to the Corporate Debtor, carrying an interest rate of 15% per annum, effective from April 1, 2010. The Operational Creditor asserted that the debt was acknowledged through a confirmation of accounts statement dated April 1, 2012. The Operational Creditor requested the Corporate Debtor to return the amount on July 18, 2018. Failing to receive a response, a demand notice was issued on October 29, 2018, under Section 8 of the IBC. The Corporate Debtor responded to the demand notice, denying any
…Sign in to view the parties.
Operational Creditor claims to have given an…
Corporate Debtor claims…
The petition was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Kalindi Ispat Pvt. Ltd., an Operational Creditor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Uttranchal Biodiesel Ltd., the Corporate Debtor, due to its inability to liquidate its debts. The Operational Creditor claimed that a sum of Rs. 1,60,00,000/- was given as an unsecured loan, due and payable by the Corporate Debtor with 15% interest per annum from 01.04.2010. The Operational Creditor stated that the debt was acknowledged on 01.04.2012. A demand notice under Section 8 of the Code was issued on 29.10.2018 after the Corporate Debtor failed to return the amount requested on 18.07.2018. The Corporate Debtor denied any liability, stating a
…M/s. Kalindi Ispat Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Uttranchal Biodiesel Ltd. (Corporate Debtor). The Operational Creditor claimed that it had extended an unsecured loan of Rs. 1,60,00,000/- to the Corporate Debtor, carrying an interest rate of 15% per annum, effective from April 1, 2010. The Operational Creditor asserted that the debt was acknowledged through a confirmation of accounts statement dated April 1, 2012. The Operational Creditor requested the Corporate Debtor to return the amount on July 18, 2018. Failing to receive a response, a demand notice was issued on October 29, 2018, under Section 8 of the IBC. The Corporate Debtor responded to the demand notice, denying any
…Operational Creditor claims to have given an…
Corporate Debtor claims…