The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Apheleia Power Projects Limited (Financial Creditor/Applicant) against M/S Shithala Dealers Limited (Corporate Debtor/Respondent). The Financial Creditor sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of a financial debt amounting to Rs. 8,98,00,000 as of June 26, 2024, comprising principal of Rs. 4,40,00,000 and interest of Rs. 4,68,00,000 calculated at 15% per annum, after a partial payment of Rs. 10,00,000.
Apheleia Power Projects Limited (Financial Creditor) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Shithala Dealers Limited (Corporate Debtor) seeking initiation of CIRP. The Financial Creditor disbursed ₹4.60 crore to the Corporate Debtor between December 2018 and March 2019 under a Lender-Borrower Agreement dated December 5, 2018, with repayment (at 15% p.a. interest) due by May 12, 2024. The Corporate Debtor defaulted, making only a partial payment of ₹10 lakh on June 25, 2024, leaving ₹8.98 crore unpaid. The Financial Creditor supported the default claim with ledger accounts, a NeSL Certificate, the Debtor's email dated June 25, 2024, admitting debt and seeking a 30-day extension, and debt admission in Paragraph 7
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Financial Creditor disbursed ₹4.60 crore to the…
Lender-Borrower…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Apheleia Power Projects Limited (Financial Creditor/Applicant) against M/S Shithala Dealers Limited (Corporate Debtor/Respondent). The Financial Creditor sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to a default in repayment of a financial debt amounting to Rs. 8,98,00,000 as of June 26, 2024, comprising principal of Rs. 4,40,00,000 and interest of Rs. 4,68,00,000 calculated at 15% per annum, after a partial payment of Rs. 10,00,000.
Apheleia Power Projects Limited (Financial Creditor) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Shithala Dealers Limited (Corporate Debtor) seeking initiation of CIRP. The Financial Creditor disbursed ₹4.60 crore to the Corporate Debtor between December 2018 and March 2019 under a Lender-Borrower Agreement dated December 5, 2018, with repayment (at 15% p.a. interest) due by May 12, 2024. The Corporate Debtor defaulted, making only a partial payment of ₹10 lakh on June 25, 2024, leaving ₹8.98 crore unpaid. The Financial Creditor supported the default claim with ledger accounts, a NeSL Certificate, the Debtor's email dated June 25, 2024, admitting debt and seeking a 30-day extension, and debt admission in Paragraph 7
…Financial Creditor disbursed ₹4.60 crore to the…
Lender-Borrower…