The case involves an application filed by Financial Creditors, Pawan Kumar Gupta and Kiran Gupta, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ATS Housing Pvt. Ltd. The Financial Creditors and the Corporate Debtor entered into a loan agreement on 21.01.2016, where the creditors agreed to loan Rs. 1,00,00,000/- to the debtor for 12 months at 18% interest per annum, paid quarterly. The loan was disbursed through two cheques. The loan agreement was renewed via supplementary agreements, with varying interest rates and tenures. The Corporate Debtor issued two cheques dated 21.07.2021 for Rs. 50,00,000/- each, which were dishonored on 13.10.2021 due to insufficient
…On 21.01.2016, Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) and Corporate Debtor (ATS Housing Pvt. Ltd.) entered a loan agreement where the creditors agreed to give a loan of Rs. 1,00,00,000/- to the debtor for 12 months initially, with 18% interest p.a. paid quarterly. The loan was remitted through two cheques, each for Rs. 50,00,000/-, issued by Pawan Kumar Gupta and Kiran Gupta respectively, dated 16.01.2016. The loan was encashed on 22.01.2016. The corporate debtor created a lien on two residential units in the 'ATS Pristine' project as security. The loan agreement was renewed via supplementary agreements dated 21.01.2017, 21.07.2017, 21.07.2018, and 21.07.2019, extending the tenure and modifying the interest rates. After the last supplementary agreement
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Financial Creditors and Corporate Debtor…
Financial Creditors…
The case involves an application filed by Financial Creditors, Pawan Kumar Gupta and Kiran Gupta, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, ATS Housing Pvt. Ltd. The Financial Creditors and the Corporate Debtor entered into a loan agreement on 21.01.2016, where the creditors agreed to loan Rs. 1,00,00,000/- to the debtor for 12 months at 18% interest per annum, paid quarterly. The loan was disbursed through two cheques. The loan agreement was renewed via supplementary agreements, with varying interest rates and tenures. The Corporate Debtor issued two cheques dated 21.07.2021 for Rs. 50,00,000/- each, which were dishonored on 13.10.2021 due to insufficient
…On 21.01.2016, Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) and Corporate Debtor (ATS Housing Pvt. Ltd.) entered a loan agreement where the creditors agreed to give a loan of Rs. 1,00,00,000/- to the debtor for 12 months initially, with 18% interest p.a. paid quarterly. The loan was remitted through two cheques, each for Rs. 50,00,000/-, issued by Pawan Kumar Gupta and Kiran Gupta respectively, dated 16.01.2016. The loan was encashed on 22.01.2016. The corporate debtor created a lien on two residential units in the 'ATS Pristine' project as security. The loan agreement was renewed via supplementary agreements dated 21.01.2017, 21.07.2017, 21.07.2018, and 21.07.2019, extending the tenure and modifying the interest rates. After the last supplementary agreement
…Financial Creditors and Corporate Debtor…
Financial Creditors…