V.S. Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futuristic Global Resources Private Limited, the corporate debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
V.S. Enterprises, a partnership firm, extended a short-term loan of Rs. 1,50,00,000/- to Futuristic Global Resources Private Limited.
A loan agreement was signed on 25.04.2024, and the amount was disbursed through RTGS on the same day.
The loan was repayable in five equal monthly installments of Rs. 30,00,000/- with an interest rate of 24% per annum.
Futuristic Global Resources Private Limited paid the first two installments but defaulted on the remaining installments.
The Petitioner sent legal notices dated 10.09.2024 and 07.10.2024 calling upon the Corporate Debtor to make the payment.
The Petitioner initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881, before the Metropolitan Magistrate Courts, George Town, Chennai.
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Loan agreement signed between V.S. Enterprises…
Rs. 1,50,00,000/-…
V.S. Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Futuristic Global Resources Private Limited, the corporate debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP).
V.S. Enterprises, a partnership firm, extended a short-term loan of Rs. 1,50,00,000/- to Futuristic Global Resources Private Limited.
A loan agreement was signed on 25.04.2024, and the amount was disbursed through RTGS on the same day.
The loan was repayable in five equal monthly installments of Rs. 30,00,000/- with an interest rate of 24% per annum.
Futuristic Global Resources Private Limited paid the first two installments but defaulted on the remaining installments.
The Petitioner sent legal notices dated 10.09.2024 and 07.10.2024 calling upon the Corporate Debtor to make the payment.
The Petitioner initiated proceedings under Section 138 of the Negotiable Instrument Act, 1881, before the Metropolitan Magistrate Courts, George Town, Chennai.
…Loan agreement signed between V.S. Enterprises…
Rs. 1,50,00,000/-…