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/- principal and Rs. 3,90,576/- 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 of Rs. 33,00,000, which was disbursed on 14.09.2017 under a loan agreement with 15% p.a. interest, payable 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, and the Corporate Debtor admitted the liability and sought time for payment. The Corporate Debtor cited financial difficulties as the reason for non-payment. Cheques issued by
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Loan agreement between…
Corporate D…
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/- principal and Rs. 3,90,576/- 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 of Rs. 33,00,000, which was disbursed on 14.09.2017 under a loan agreement with 15% p.a. interest, payable 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, and the Corporate Debtor admitted the liability and sought time for payment. The Corporate Debtor cited financial difficulties as the reason for non-payment. Cheques issued by
…Loan agreement between…
Corporate D…