The case involves a petition filed by National Skill Development Corporation, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor has raised objections regarding the disbursement schedule and the calculation of the repayment period.
National Skill Development Corporation (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited (Corporate Debtor) due to a default on a loan agreement. The loan agreement was entered into on 17/10/2011, with the Financial Creditor agreeing to provide financial assistance of Rs 3,00,00,000/- for a tenure of ten years. Various documents, including an Irrevocable Power of Attorney and a Deed of Hypothecation, were executed. The Financial Creditor disbursed the loan amount in installments between 2012 and 2016. As of 31/03/2022, the Corporate Debtor owed Rs 1,87,50,594/- in principal, Rs 27,14,552/- in interest, and Rs
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The Corporate Debtor…
The Financial Creditor…
The case involves a petition filed by National Skill Development Corporation, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor has raised objections regarding the disbursement schedule and the calculation of the repayment period.
National Skill Development Corporation (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited (Corporate Debtor) due to a default on a loan agreement. The loan agreement was entered into on 17/10/2011, with the Financial Creditor agreeing to provide financial assistance of Rs 3,00,00,000/- for a tenure of ten years. Various documents, including an Irrevocable Power of Attorney and a Deed of Hypothecation, were executed. The Financial Creditor disbursed the loan amount in installments between 2012 and 2016. As of 31/03/2022, the Corporate Debtor owed Rs 1,87,50,594/- in principal, Rs 27,14,552/- in interest, and Rs
…The Corporate Debtor…
The Financial Creditor…