Tatad Nayan Gautambhai (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pradhin Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition stemmed from an unsecured loan of Rs.11,00,00,000/- (with interest totaling Rs.12,98,00,000/-) provided by the Financial Creditor to the Corporate Debtor in 2024. The repayment was due by 30.09.2025, but the Corporate Debtor defaulted, acknowledging the outstanding amount and requesting the Financial Creditor not to present post-dated cheques due to its poor financial conditions.
Tatad Nayan Gautambhai (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Pradhin Limited (Respondent/Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
The Petitioner entered into a loan agreement dated 03.09.2024 with the Corporate Debtor, lending Rs.11,00,00,000/- as an unsecured loan at an interest of 18% per annum for business requirements.
The Petitioner disbursed Rs.10,83,00,000/- through bank transfers in four tranches between 09.09.2024 and 25.09.2024.
The Petitioner also paid Rs.17,00,000/- to a consultant who facilitated the unsecured loan arrangement for the Corporate Debtor.
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Tatad Nayan Gautambhai (Financial Creditor)…
First tranche of loan disbursement (Rs.…
Tatad Nayan Gautambhai (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pradhin Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition stemmed from an unsecured loan of Rs.11,00,00,000/- (with interest totaling Rs.12,98,00,000/-) provided by the Financial Creditor to the Corporate Debtor in 2024. The repayment was due by 30.09.2025, but the Corporate Debtor defaulted, acknowledging the outstanding amount and requesting the Financial Creditor not to present post-dated cheques due to its poor financial conditions.
Tatad Nayan Gautambhai (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Pradhin Limited (Respondent/Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
The Petitioner entered into a loan agreement dated 03.09.2024 with the Corporate Debtor, lending Rs.11,00,00,000/- as an unsecured loan at an interest of 18% per annum for business requirements.
The Petitioner disbursed Rs.10,83,00,000/- through bank transfers in four tranches between 09.09.2024 and 25.09.2024.
The Petitioner also paid Rs.17,00,000/- to a consultant who facilitated the unsecured loan arrangement for the Corporate Debtor.
…Tatad Nayan Gautambhai (Financial Creditor)…
First tranche of loan disbursement (Rs.…