The case involves an application filed by Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s 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 provide a loan of Rs. 1,00,00,000/- to the debtor for 12 months at an interest rate of 18% p.a. The loan was disbursed through two cheques. The loan agreement was renewed through 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
…On 21.01.2016, Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) and ATS Housing Pvt. Ltd. (Corporate Debtor) entered into a loan agreement for Rs. 1,00,00,000/- at 18% p.a. interest, repayable in 12 months. The loan was disbursed via two cheques on 16.01.2016. The Corporate Debtor created a lien on two residential units in the 'ATS Pristine' project in Noida as security. The loan agreement was renewed via supplementary agreements with varying interest rates and tenures, the last of which expired on 21.07.2020. The Corporate Debtor issued a demand promissory note dated 21.01.2016, acknowledging the loan. The Corporate Debtor requested the Financial Creditors not to encash post-dated cheques due to a funds shortage. The Corporate Debtor issued two cheques dated
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Financial Creditors and Corporate Debtor…
Loan of Rs. 1,00,00,000/…
The case involves an application filed by Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s 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 provide a loan of Rs. 1,00,00,000/- to the debtor for 12 months at an interest rate of 18% p.a. The loan was disbursed through two cheques. The loan agreement was renewed through 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
…On 21.01.2016, Financial Creditors (Pawan Kumar Gupta and Kiran Gupta) and ATS Housing Pvt. Ltd. (Corporate Debtor) entered into a loan agreement for Rs. 1,00,00,000/- at 18% p.a. interest, repayable in 12 months. The loan was disbursed via two cheques on 16.01.2016. The Corporate Debtor created a lien on two residential units in the 'ATS Pristine' project in Noida as security. The loan agreement was renewed via supplementary agreements with varying interest rates and tenures, the last of which expired on 21.07.2020. The Corporate Debtor issued a demand promissory note dated 21.01.2016, acknowledging the loan. The Corporate Debtor requested the Financial Creditors not to encash post-dated cheques due to a funds shortage. The Corporate Debtor issued two cheques dated
…Financial Creditors and Corporate Debtor…
Loan of Rs. 1,00,00,000/…