Northern Arc Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Disha Infraspace Solutions Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on three loan facilities.
Northern Arc Capital Limited, the Financial Creditor, filed a Section 7 petition against Disha Infraspace Solutions Private Limited, the Corporate Debtor.
The Corporate Debtor availed three distinct credit facilities from the Financial Creditor under Facility Agreements dated 25.07.2019, 02.12.2019, and 23.09.2020, aggregating to Rs.2,93,79,400/-.
The Corporate Debtor defaulted in servicing the debt, and as of 28.07.2023, the total outstanding stood at Rs.2,66,31,190/-, inclusive of principal and contractual interest.
The Financial Creditor issued notices of default and recall, but no payment was made.
The Corporate Debtor argued that the defaults fell within the Section 10A embargo period (COVID-19) and that the petition was maliciously filed.
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First term loan sanctioned to the Corporate…
Financial Creditor sanctioned a further sum…
Northern Arc Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Disha Infraspace Solutions Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on three loan facilities.
Northern Arc Capital Limited, the Financial Creditor, filed a Section 7 petition against Disha Infraspace Solutions Private Limited, the Corporate Debtor.
The Corporate Debtor availed three distinct credit facilities from the Financial Creditor under Facility Agreements dated 25.07.2019, 02.12.2019, and 23.09.2020, aggregating to Rs.2,93,79,400/-.
The Corporate Debtor defaulted in servicing the debt, and as of 28.07.2023, the total outstanding stood at Rs.2,66,31,190/-, inclusive of principal and contractual interest.
The Financial Creditor issued notices of default and recall, but no payment was made.
The Corporate Debtor argued that the defaults fell within the Section 10A embargo period (COVID-19) and that the petition was maliciously filed.
…First term loan sanctioned to the Corporate…
Financial Creditor sanctioned a further sum…