K. V. Capital, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Amar Prakaash Developerss Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on a payment of Rs. 7,08,14,599. The corporate debtor had approached the financial creditor in 2018 for a loan of Rs. 3.00 Crores to complete a construction project. A mortgage deed was executed in favor of the financial creditor on 10.09.2018. The financial creditor issued a demand notice on 08.02.2022, which the corporate debtor replied to, admitting the borrowing and the mortgage but contending that a NOC was withheld and a six-month notice was
…K. V. Capital, a registered partnership firm, extended a loan of Rs. 3.00 Crores to Amar Prakaash Developerss Private Limited in 2018 to complete a construction project in Pallavaram Taluk, Kancheepuram. The corporate debtor executed a mortgage deed in favor of the financial creditor on 10.09.2018, registered as document number 5056 of 2018. The extent of land was 2,590 sq. ft. together with 10,798 Sq. Ft. as super built up area at First Floor, Club Aurum Building, Thirumudivakkam, Kancheepuram District. The agreed rate of interest was 27% p.a. The financial creditor claimed a default of Rs. 7,08,14,599 as of 31.12.2021. A demand notice was sent on 08.02.2022 and delivered on 12.02.2022. The corporate debtor replied on 01.03.2022, admitting the borrowing and mortgage
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K. V. Capital, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Amar Prakaash Developerss Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on a payment of Rs. 7,08,14,599. The corporate debtor had approached the financial creditor in 2018 for a loan of Rs. 3.00 Crores to complete a construction project. A mortgage deed was executed in favor of the financial creditor on 10.09.2018. The financial creditor issued a demand notice on 08.02.2022, which the corporate debtor replied to, admitting the borrowing and the mortgage but contending that a NOC was withheld and a six-month notice was
…K. V. Capital, a registered partnership firm, extended a loan of Rs. 3.00 Crores to Amar Prakaash Developerss Private Limited in 2018 to complete a construction project in Pallavaram Taluk, Kancheepuram. The corporate debtor executed a mortgage deed in favor of the financial creditor on 10.09.2018, registered as document number 5056 of 2018. The extent of land was 2,590 sq. ft. together with 10,798 Sq. Ft. as super built up area at First Floor, Club Aurum Building, Thirumudivakkam, Kancheepuram District. The agreed rate of interest was 27% p.a. The financial creditor claimed a default of Rs. 7,08,14,599 as of 31.12.2021. A demand notice was sent on 08.02.2022 and delivered on 12.02.2022. The corporate debtor replied on 01.03.2022, admitting the borrowing and mortgage
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Board Resolutio…