Adamya Export and Import Pvt. Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aadhar Infra Holding Ltd, the corporate debtor, due to a default in repayment of debt amounting to Rs. 1,90,90,811. The financial creditor had extended four unsecured loans totaling Rs. 78,00,000 to the corporate debtor based on Memorandums of Understanding (MoUs) dated February 20, 2014. The corporate debtor defaulted on repayment, leading the financial creditor to issue a notice on May 11, 2023, requesting repayment, which went unanswered.
Adamya Export and Import Pvt. Ltd. (Financial Creditor) extended four unsecured loans totaling Rs. 78,00,000 to Aadhar Infra Holding Ltd (Corporate Debtor) based on MoUs dated February 20, 2014. The Corporate Debtor was developing a project called 'The Business Capital' and sought financial assistance. The MoUs stipulated a lock-in period of 6 years with 12% interest per annum. The Financial Creditor waived interest for the period between 2020-2022 due to COVID-19. The Corporate Debtor failed to repay the outstanding amount of Rs. 1,90,90,811. The Financial Creditor issued a notice on May 11, 2023, requesting repayment, which was not answered. The Corporate Debtor admitted to the debt and default but cited financial constraints due to the pandemic and litigation. The
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Four Memorandums of Understanding (MoUs) were…
Financial Creditor waived interest for the…
Adamya Export and Import Pvt. Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aadhar Infra Holding Ltd, the corporate debtor, due to a default in repayment of debt amounting to Rs. 1,90,90,811. The financial creditor had extended four unsecured loans totaling Rs. 78,00,000 to the corporate debtor based on Memorandums of Understanding (MoUs) dated February 20, 2014. The corporate debtor defaulted on repayment, leading the financial creditor to issue a notice on May 11, 2023, requesting repayment, which went unanswered.
Adamya Export and Import Pvt. Ltd. (Financial Creditor) extended four unsecured loans totaling Rs. 78,00,000 to Aadhar Infra Holding Ltd (Corporate Debtor) based on MoUs dated February 20, 2014. The Corporate Debtor was developing a project called 'The Business Capital' and sought financial assistance. The MoUs stipulated a lock-in period of 6 years with 12% interest per annum. The Financial Creditor waived interest for the period between 2020-2022 due to COVID-19. The Corporate Debtor failed to repay the outstanding amount of Rs. 1,90,90,811. The Financial Creditor issued a notice on May 11, 2023, requesting repayment, which was not answered. The Corporate Debtor admitted to the debt and default but cited financial constraints due to the pandemic and litigation. The
…Four Memorandums of Understanding (MoUs) were…
Financial Creditor waived interest for the…