The case involves an application filed by Religare Finvest Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Venkateshwara Capital Management Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted in paying a debt of Rs. 22,97,82,021/-. The Corporate Debtor failed to repay the loan as agreed, even after the loan amount was enhanced and the facility was renewed. The Financial Creditor then filed this application after the Corporate Debtor failed to comply with a letter demanding clearance of the outstanding loan amount.
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) due to a default in payment of debt amounting to Rs. 22,97,82,021/-. A Loan against Securities Agreement was executed on 2008-06-23, where the Financial Creditor sanctioned and disbursed a loan of Rs. 8,00,00,000/- to the Corporate Debtor. The Corporate Debtor failed to repay the loan in agreed monthly installments. Upon the Corporate Debtor's request, the loan amount was enhanced to Rs. 10,00,00,000/- on 2011-04-05, and the facility was renewed until 2014-07-25. A condition precedent for the renewed facility was that the Corporate Debtor would pay installments as agreed,
…Sign in to view the parties.
Loan against Securities Agreement dated…
The loan amount was enhanced to Rs.…
The case involves an application filed by Religare Finvest Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Venkateshwara Capital Management Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted in paying a debt of Rs. 22,97,82,021/-. The Corporate Debtor failed to repay the loan as agreed, even after the loan amount was enhanced and the facility was renewed. The Financial Creditor then filed this application after the Corporate Debtor failed to comply with a letter demanding clearance of the outstanding loan amount.
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) due to a default in payment of debt amounting to Rs. 22,97,82,021/-. A Loan against Securities Agreement was executed on 2008-06-23, where the Financial Creditor sanctioned and disbursed a loan of Rs. 8,00,00,000/- to the Corporate Debtor. The Corporate Debtor failed to repay the loan in agreed monthly installments. Upon the Corporate Debtor's request, the loan amount was enhanced to Rs. 10,00,00,000/- on 2011-04-05, and the facility was renewed until 2014-07-25. A condition precedent for the renewed facility was that the Corporate Debtor would pay installments as agreed,
…Loan against Securities Agreement dated…
The loan amount was enhanced to Rs.…