Classic Exports, the Financial Creditor, filed an application under Section 7 of the IBC, 2016, against Ram Charan Company Private Limited, the Corporate Debtor.

The Financial Creditor claimed a financial debt of Rs. 3,50,66,380/-, comprising a principal amount of Rs. 2,55,00,000/- and outstanding interest of Rs. 95,66,380/-, with the date of default mentioned as 30.11.2019.

The Corporate Debtor admitted to taking the financial loan but argued that the default occurred from March 2020 due to the COVID-19 pandemic, thus claiming the benefit of Section 10A of the IBC, 2016.

The Adjudicating Authority found that the default in respect of the principal amount occurred after the period specified under Section 10A of the IBC, 2016.

Classic Exports, the Financial Creditor, filed an application under Section 7 of the IBC, 2016, against Ram Charan Company Private Limited, the Corporate Debtor.

The Financial Creditor claimed a financial debt of Rs. 3,50,66,380/-, comprising a principal amount of Rs. 2,55,00,000/- and outstanding interest of Rs. 95,66,380/-, with the date of default mentioned as 30.11.2019.

The Corporate Debtor admitted to taking the financial loan but argued that the default occurred from March 2020 due to the COVID-19 pandemic, thus claiming the benefit of Section 10A of the IBC, 2016.

The Adjudicating Authority found that the default in respect of the principal amount occurred after the period specified under Section 10A of the IBC, 2016.