The case involves an application filed under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, by Laxmi Grasslands Private Ltd. (Financial Creditor) against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 17,11,891/- which includes interest calculated up to December 31, 2017. The loan was extended as a Temporary Accommodation Loan with an interest rate of 12% p.a. for 120 days. The Corporate Debtor partly paid Rs. 10 lakhs out of the total outstanding loan of Rs. 25 lakhs.
Laxmi Grasslands Private Ltd. (Financial Creditor) filed an application against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 17,11,891/-, including principal and interest calculated up to December 31, 2017. The debt arose from a Temporary Accommodation Loan of Rs. 25 lakhs extended at an interest rate of 12% p.a. for 120 days, disbursed on March 1, 2014. The Corporate Debtor made a partial payment of Rs. 10 lakhs on November 22, 2017, leaving a balance outstanding. The Financial Creditor provided documentary evidence, including bank statements, receipts of interest, and ledger copies, to
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Laxmi Grasslands Private Ltd. disbursed a…
Financial Creditor sent a notice for refund of…
The case involves an application filed under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, by Laxmi Grasslands Private Ltd. (Financial Creditor) against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims that the Corporate Debtor defaulted on a payment of Rs. 17,11,891/- which includes interest calculated up to December 31, 2017. The loan was extended as a Temporary Accommodation Loan with an interest rate of 12% p.a. for 120 days. The Corporate Debtor partly paid Rs. 10 lakhs out of the total outstanding loan of Rs. 25 lakhs.
Laxmi Grasslands Private Ltd. (Financial Creditor) filed an application against Venky Hi-Tech Ispat Ltd. (Corporate Debtor) under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 17,11,891/-, including principal and interest calculated up to December 31, 2017. The debt arose from a Temporary Accommodation Loan of Rs. 25 lakhs extended at an interest rate of 12% p.a. for 120 days, disbursed on March 1, 2014. The Corporate Debtor made a partial payment of Rs. 10 lakhs on November 22, 2017, leaving a balance outstanding. The Financial Creditor provided documentary evidence, including bank statements, receipts of interest, and ledger copies, to
…Laxmi Grasslands Private Ltd. disbursed a…
Financial Creditor sent a notice for refund of…