Religare Finvest Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkateshwara Capital Management Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a debt of Rs. 22,97,82,021/-. The Financial Creditor had sanctioned and disbursed a loan of Rs. 8,00,00,000/- to the Corporate Debtor in 2008, which was later enhanced to Rs. 10,00,00,000/- in 2011. The Corporate Debtor failed to repay the loan as agreed, leading to the application for CIRP.
Religare Finvest Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkateshwara Capital Management Limited (Corporate Debtor). The basis for the application was the Corporate Debtor's default in repaying a debt of Rs. 22,97,82,021/-. A loan of Rs. 8,00,00,000/- was initially sanctioned and disbursed to the Corporate Debtor on 23.06.2008, under a Loan against Securities Agreement. This amount was later enhanced to Rs. 10,00,00,000/- on 05.04.2011. The Corporate Debtor failed to repay the loan in agreed monthly installments. The Financial Creditor sent a letter dated 26.03.2018, demanding repayment of the outstanding loan within 45 days, but the Corporate Debtor did not comply. Notice of the
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Loan against Securities Agreement dated…
The loan amount was enhanced to Rs.…
Religare Finvest Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkateshwara Capital Management Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a debt of Rs. 22,97,82,021/-. The Financial Creditor had sanctioned and disbursed a loan of Rs. 8,00,00,000/- to the Corporate Debtor in 2008, which was later enhanced to Rs. 10,00,00,000/- in 2011. The Corporate Debtor failed to repay the loan as agreed, leading to the application for CIRP.
Religare Finvest Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkateshwara Capital Management Limited (Corporate Debtor). The basis for the application was the Corporate Debtor's default in repaying a debt of Rs. 22,97,82,021/-. A loan of Rs. 8,00,00,000/- was initially sanctioned and disbursed to the Corporate Debtor on 23.06.2008, under a Loan against Securities Agreement. This amount was later enhanced to Rs. 10,00,00,000/- on 05.04.2011. The Corporate Debtor failed to repay the loan in agreed monthly installments. The Financial Creditor sent a letter dated 26.03.2018, demanding repayment of the outstanding loan within 45 days, but the Corporate Debtor did not comply. Notice of the
…Loan against Securities Agreement dated…
The loan amount was enhanced to Rs.…