The case involves an application filed by Mr. Kapil Arora, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor claims that the corporate debtor defaulted on repayment of assured appreciation and that some advance cheques were dishonoured. The corporate debtor disputes the claim, stating that the entire principal amount along with interest has been repaid.
Mr. Kapil Arora, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor disbursed money to the corporate debtor and entered into a loan agreement dated 2014-03-29, which was subsequently revised on 2015-04-07. The loan agreements stipulated monthly appreciation payments. The corporate debtor allegedly defaulted on these payments, and some advance cheques were dishonoured. The last payment of monthly appreciation was made on 2015-11-24. The financial creditor discovered in March 2018 that the security flats had been allotted to third parties, violating the loan agreements. The total debt due was Rs. 2,62,94,456,
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Financial creditor and…
Loan agreeme…
The case involves an application filed by Mr. Kapil Arora, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor claims that the corporate debtor defaulted on repayment of assured appreciation and that some advance cheques were dishonoured. The corporate debtor disputes the claim, stating that the entire principal amount along with interest has been repaid.
Mr. Kapil Arora, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyom Infrastructures and Projects Private Limited, the corporate debtor. The financial creditor disbursed money to the corporate debtor and entered into a loan agreement dated 2014-03-29, which was subsequently revised on 2015-04-07. The loan agreements stipulated monthly appreciation payments. The corporate debtor allegedly defaulted on these payments, and some advance cheques were dishonoured. The last payment of monthly appreciation was made on 2015-11-24. The financial creditor discovered in March 2018 that the security flats had been allotted to third parties, violating the loan agreements. The total debt due was Rs. 2,62,94,456,
…Financial creditor and…
Loan agreeme…