M/s Volga Credit and Leasing Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s AJS Agro Trade Private Limited, the Corporate Debtor, due to default in repayment of a financial debt.
The Financial Creditor, M/s Volga Credit and Leasing Limited, is a Non-Banking Financial Company.
The Corporate Debtor, M/s AJS Agro Trade Private Limited, approached the Financial Creditor in October 2022 seeking financial assistance of ₹10,00,00,000.
A Loan Agreement dated 09.10.2022 was executed between the parties, whereby the Financial Creditor agreed to grant an unsecured inter-corporate loan of ₹10,00,00,000 to the Corporate Debtor at an interest rate of 10% per annum.
The Financial Creditor disbursed the loan amount in thirteen tranches between 16.12.2022 and 19.12.2022.
The principal amount was repayable after two years from the date of receipt of the loan, with interest payable on a monthly basis.
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The Corporate Debtor…
A Loan Agreem…
M/s Volga Credit and Leasing Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s AJS Agro Trade Private Limited, the Corporate Debtor, due to default in repayment of a financial debt.
The Financial Creditor, M/s Volga Credit and Leasing Limited, is a Non-Banking Financial Company.
The Corporate Debtor, M/s AJS Agro Trade Private Limited, approached the Financial Creditor in October 2022 seeking financial assistance of ₹10,00,00,000.
A Loan Agreement dated 09.10.2022 was executed between the parties, whereby the Financial Creditor agreed to grant an unsecured inter-corporate loan of ₹10,00,00,000 to the Corporate Debtor at an interest rate of 10% per annum.
The Financial Creditor disbursed the loan amount in thirteen tranches between 16.12.2022 and 19.12.2022.
The principal amount was repayable after two years from the date of receipt of the loan, with interest payable on a monthly basis.
…The Corporate Debtor…
A Loan Agreem…