The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by Bhagyanagar Investments and Trading (P) Ltd (the Financial Creditor) against Velugu Engineering and Enterprises (P) Ltd (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a financial debt of Rs. 2,67,46,301 as of June 10, 2019. The Corporate Debtor availed a corporate loan of Rs. 2.00 crores in June 2017, repayable in 8 quarterly installments with 12% interest per annum. The Corporate Debtor allegedly failed to fulfill the loan agreement obligations, leading to the application for CIRP initiation.
Bhagyanagar Investments and Trading (P) Ltd, the Financial Creditor, filed an application under Section 7 of the IBC against Velugu Engineering and Enterprises (P) Ltd, the Corporate Debtor, seeking to initiate CIRP. The Financial Creditor claimed a default of Rs. 2,67,46,301 as of June 10, 2019, stemming from a Rs. 2.00 crore loan availed by the Corporate Debtor in June 2017, with a repayment schedule of 8 quarterly installments at 12% interest. The Corporate Debtor allegedly failed to meet its obligations under the loan agreement. The Corporate Debtor, in its reply, pointed out inconsistencies in the claimed amount and the absence of default records from an information utility. The Financial Creditor clarified a typographical error and expressed readiness to submit
…Sign in to view the parties.
The Corporate Debtor…
The Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 by Bhagyanagar Investments and Trading (P) Ltd (the Financial Creditor) against Velugu Engineering and Enterprises (P) Ltd (the Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a financial debt of Rs. 2,67,46,301 as of June 10, 2019. The Corporate Debtor availed a corporate loan of Rs. 2.00 crores in June 2017, repayable in 8 quarterly installments with 12% interest per annum. The Corporate Debtor allegedly failed to fulfill the loan agreement obligations, leading to the application for CIRP initiation.
Bhagyanagar Investments and Trading (P) Ltd, the Financial Creditor, filed an application under Section 7 of the IBC against Velugu Engineering and Enterprises (P) Ltd, the Corporate Debtor, seeking to initiate CIRP. The Financial Creditor claimed a default of Rs. 2,67,46,301 as of June 10, 2019, stemming from a Rs. 2.00 crore loan availed by the Corporate Debtor in June 2017, with a repayment schedule of 8 quarterly installments at 12% interest. The Corporate Debtor allegedly failed to meet its obligations under the loan agreement. The Corporate Debtor, in its reply, pointed out inconsistencies in the claimed amount and the absence of default records from an information utility. The Financial Creditor clarified a typographical error and expressed readiness to submit
…The Corporate Debtor…
The Corporate Debtor…