J.P. Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Avadh Merchants Private Limited, the Corporate Debtor. The application was based on a financial debt arising from a loan agreement dated 07.05.2015, where J.P. Financial Services provided a short-term loan of Rs. 2,50,00,000 to Avadh Merchants, repayable by 05.08.2015 with 21% interest per annum. Avadh Merchants failed to repay the loan, leading to the application for CIRP. The Corporate Debtor acknowledged the debt in its balance sheets for multiple years. The Financial Creditor issued a demand notice on 05.03.2024.
J.P. Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Avadh Merchants Private Limited (Corporate Debtor). The application was based on a financial debt arising from a loan agreement dated 07.05.2015, where the Financial Creditor provided a short-term loan of Rs. 2,50,00,000 to the Corporate Debtor, repayable by 05.08.2015 with 21% interest per annum and a penal interest of 6% on outstanding dues. The loan was secured by an equitable mortgage of immovable properties. The Corporate Debtor failed to repay the loan. The Corporate Debtor acknowledged the debt in its balance sheets for the financial years 2017-2018, 2018-19, 2021-22, and 2022-23. The Financial Creditor issued a
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Loan agreement between J.P. Financial…
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J.P. Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Avadh Merchants Private Limited, the Corporate Debtor. The application was based on a financial debt arising from a loan agreement dated 07.05.2015, where J.P. Financial Services provided a short-term loan of Rs. 2,50,00,000 to Avadh Merchants, repayable by 05.08.2015 with 21% interest per annum. Avadh Merchants failed to repay the loan, leading to the application for CIRP. The Corporate Debtor acknowledged the debt in its balance sheets for multiple years. The Financial Creditor issued a demand notice on 05.03.2024.
J.P. Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Avadh Merchants Private Limited (Corporate Debtor). The application was based on a financial debt arising from a loan agreement dated 07.05.2015, where the Financial Creditor provided a short-term loan of Rs. 2,50,00,000 to the Corporate Debtor, repayable by 05.08.2015 with 21% interest per annum and a penal interest of 6% on outstanding dues. The loan was secured by an equitable mortgage of immovable properties. The Corporate Debtor failed to repay the loan. The Corporate Debtor acknowledged the debt in its balance sheets for the financial years 2017-2018, 2018-19, 2021-22, and 2022-23. The Financial Creditor issued a
…Loan agreement between J.P. Financial…
Original due d…