The case involves a petition filed by Premier Road Carriers Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against AMS Trading and Investment Private Limited, the Corporate Debtor. The Financial Creditor had advanced a loan of Rs. 50,00,000/- to the Corporate Debtor, which defaulted in repayment. The date of default was stated as 14.12.2016. The Corporate Debtor was given multiple opportunities to appear before the Tribunal but failed to do so, leading to an ex-parte order.
Premier Road Carriers Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AMS Trading and Investment Private Limited (Corporate Debtor). The Corporate Debtor is a private company incorporated on 15.09.2005. The Financial Creditor advanced a loan of Rs. 50,00,000/- to the Corporate Debtor, with interest at 17.50% p.a. An agreement for granting Inter Corporate Deposit Facility (ICD) was entered into on 15.03.2016. The Corporate Debtor offered a pledge of Rs. 13,00,000/- shares of Prakash Steelage Limited as collateral security. A Guarantee Agreement dated 15.03.2016 was also entered into. The Corporate Debtor acknowledged the receipt of Rs.
…Sign in to view the parties.
AMS Trading and…
Agreement for granting Inter Corporate Deposit…
The case involves a petition filed by Premier Road Carriers Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against AMS Trading and Investment Private Limited, the Corporate Debtor. The Financial Creditor had advanced a loan of Rs. 50,00,000/- to the Corporate Debtor, which defaulted in repayment. The date of default was stated as 14.12.2016. The Corporate Debtor was given multiple opportunities to appear before the Tribunal but failed to do so, leading to an ex-parte order.
Premier Road Carriers Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against AMS Trading and Investment Private Limited (Corporate Debtor). The Corporate Debtor is a private company incorporated on 15.09.2005. The Financial Creditor advanced a loan of Rs. 50,00,000/- to the Corporate Debtor, with interest at 17.50% p.a. An agreement for granting Inter Corporate Deposit Facility (ICD) was entered into on 15.03.2016. The Corporate Debtor offered a pledge of Rs. 13,00,000/- shares of Prakash Steelage Limited as collateral security. A Guarantee Agreement dated 15.03.2016 was also entered into. The Corporate Debtor acknowledged the receipt of Rs.
…AMS Trading and…
Agreement for granting Inter Corporate Deposit…