Tatad Nayan Gautambhai, a Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Pradhin Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition alleged a default on an unsecured loan of Rs. 12,98,00,000/-, which included principal and 18% interest, with a due date of 30.09.2025. The Corporate Debtor had issued post-dated cheques but later requested the Petitioner not to present them due to financial difficulties, while confirming the outstanding debt.
Tatad Nayan Gautambhai (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Pradhin Limited (Respondent/Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a financial debt default.
Pradhin Limited was incorporated on 03.12.1982 with an Authorised Share Capital of Rs.5,00,00,000/- and Paid-up Capital of Rs.3,64,69,000/-.
The Petitioner and Corporate Debtor entered into a loan agreement on 03.09.2024 for an unsecured loan of Rs.11,00,00,000/- at 18% interest per annum.
Rs.10,83,00,000/- was disbursed in four tranches between 09.09.2024 and 25.09.2024.
An additional Rs.17,00,000/- was paid to a consultant for facilitating the loan.
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Pradhin Limit…
A loan agreement was entered into between Tatad…
Tatad Nayan Gautambhai, a Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against Pradhin Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition alleged a default on an unsecured loan of Rs. 12,98,00,000/-, which included principal and 18% interest, with a due date of 30.09.2025. The Corporate Debtor had issued post-dated cheques but later requested the Petitioner not to present them due to financial difficulties, while confirming the outstanding debt.
Tatad Nayan Gautambhai (Petitioner/Financial Creditor) filed a petition under Section 7 of IBC, 2016, against Pradhin Limited (Respondent/Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a financial debt default.
Pradhin Limited was incorporated on 03.12.1982 with an Authorised Share Capital of Rs.5,00,00,000/- and Paid-up Capital of Rs.3,64,69,000/-.
The Petitioner and Corporate Debtor entered into a loan agreement on 03.09.2024 for an unsecured loan of Rs.11,00,00,000/- at 18% interest per annum.
Rs.10,83,00,000/- was disbursed in four tranches between 09.09.2024 and 25.09.2024.
An additional Rs.17,00,000/- was paid to a consultant for facilitating the loan.
…Pradhin Limit…
A loan agreement was entered into between Tatad…