The case involves a petition filed by Vidarbha Diagnostics Pvt. Ltd., a Financial Creditor, against Vijay Engineering Enterprises Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's failure to repay a loan of Rs. 33,00,000 as principal and Rs. 3,90,576 as interest. The date of default was 31.07.2018, and the petition was filed on 30.04.2019.
Vidarbha Diagnostics Pvt. Ltd. (Financial Creditor) filed a petition against Vijay Engineering Enterprises Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, 2016, seeking to initiate CIRP. The Corporate Debtor had approached the Financial Creditor for a short-term loan. A loan agreement dated 14.09.2017 was executed, under which the Financial Creditor disbursed Rs. 33,00,000 to the Corporate Debtor at an interest rate of 15% p.a., payable within nine months, i.e., by 31.07.2018. The Corporate Debtor provided two post-dated cheques as security. The Corporate Debtor defaulted on repayment on 31.07.2018. The Financial Creditor sent letters to the Corporate Debtor regarding the debt, to which the Corporate Debtor responded, admitting the liability and seeking time
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Loan agreement executed between Vidarbha…
Corporate Debtor…
The case involves a petition filed by Vidarbha Diagnostics Pvt. Ltd., a Financial Creditor, against Vijay Engineering Enterprises Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) due to the Corporate Debtor's failure to repay a loan of Rs. 33,00,000 as principal and Rs. 3,90,576 as interest. The date of default was 31.07.2018, and the petition was filed on 30.04.2019.
Vidarbha Diagnostics Pvt. Ltd. (Financial Creditor) filed a petition against Vijay Engineering Enterprises Pvt. Ltd. (Corporate Debtor) under Section 7 of the IBC, 2016, seeking to initiate CIRP. The Corporate Debtor had approached the Financial Creditor for a short-term loan. A loan agreement dated 14.09.2017 was executed, under which the Financial Creditor disbursed Rs. 33,00,000 to the Corporate Debtor at an interest rate of 15% p.a., payable within nine months, i.e., by 31.07.2018. The Corporate Debtor provided two post-dated cheques as security. The Corporate Debtor defaulted on repayment on 31.07.2018. The Financial Creditor sent letters to the Corporate Debtor regarding the debt, to which the Corporate Debtor responded, admitting the liability and seeking time
…Loan agreement executed between Vidarbha…
Corporate Debtor…