Tata Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sustainable Outreach and Universal Leadership Soul Limited, the Corporate Debtor, due to defaults in repayment of a financial debt.
Tata Capital Limited, the Financial Creditor, extended a Channel Finance facility of Rs. 2,50,00,000/- to Sustainable Outreach and Universal Leadership Soul Limited, the Corporate Debtor.
The Channel Finance facility was sanctioned via a Sanction Letter dated 23.05.2024 at an interest rate of 10.90% p.a. for a tenure of 12 months.
A Loan cum Guarantee for Channel Finance dated 29.05.2024 was entered into by the parties.
The Corporate Debtor defaulted on the repayment schedule, leading to the account being classified as an NPA on 10.02.2025.
A Notice for Recall of Loan and Invocation of Arbitration was issued on 21.02.2025.
The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP.
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Application for…
Sanction Lett…
Tata Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sustainable Outreach and Universal Leadership Soul Limited, the Corporate Debtor, due to defaults in repayment of a financial debt.
Tata Capital Limited, the Financial Creditor, extended a Channel Finance facility of Rs. 2,50,00,000/- to Sustainable Outreach and Universal Leadership Soul Limited, the Corporate Debtor.
The Channel Finance facility was sanctioned via a Sanction Letter dated 23.05.2024 at an interest rate of 10.90% p.a. for a tenure of 12 months.
A Loan cum Guarantee for Channel Finance dated 29.05.2024 was entered into by the parties.
The Corporate Debtor defaulted on the repayment schedule, leading to the account being classified as an NPA on 10.02.2025.
A Notice for Recall of Loan and Invocation of Arbitration was issued on 21.02.2025.
The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP.
…Application for…
Sanction Lett…