Alka Prakash Agarwal, the Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bazargaon Paper & Pulp Mills Pvt. Ltd, the Corporate Debtor, due to an unresolved Financial Debt of Rs. 1,17,76,398/-. The Corporate Debtor failed to appear before the Bench despite valid service of notice. The Petitioner demonstrated the existence of debt through various documents, including ledger statements, tax statements, and financial statements.
The Corporate Debtor, Bazargaon Paper & Pulp Mills Pvt. Ltd, engaged in manufacturing paper and paper products, faced financial difficulties and approached the Petitioner, Alka Prakash Agarwal, for an unsecured loan of Rs. 70,00,000/-. This loan was to be repayable on demand with interest rates varying from 15% to 24% per annum. The loan was disbursed in tranches between October 2010 and April 2012. While the Corporate Debtor paid interest, they failed to deposit the Tax Deducted at Source (TDS) for some years, which the Petitioner eventually paid. As of the petition date, the Corporate Debtor still owed Rs. 41,28,021/- in principal and Rs. 70,62,226/- in interest. The Corporate Debtor admitted its liability in audited financial statements and balance confirmation
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Rs. 50,00,000/-…
Rs. 5,00,000/-…
Alka Prakash Agarwal, the Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bazargaon Paper & Pulp Mills Pvt. Ltd, the Corporate Debtor, due to an unresolved Financial Debt of Rs. 1,17,76,398/-. The Corporate Debtor failed to appear before the Bench despite valid service of notice. The Petitioner demonstrated the existence of debt through various documents, including ledger statements, tax statements, and financial statements.
The Corporate Debtor, Bazargaon Paper & Pulp Mills Pvt. Ltd, engaged in manufacturing paper and paper products, faced financial difficulties and approached the Petitioner, Alka Prakash Agarwal, for an unsecured loan of Rs. 70,00,000/-. This loan was to be repayable on demand with interest rates varying from 15% to 24% per annum. The loan was disbursed in tranches between October 2010 and April 2012. While the Corporate Debtor paid interest, they failed to deposit the Tax Deducted at Source (TDS) for some years, which the Petitioner eventually paid. As of the petition date, the Corporate Debtor still owed Rs. 41,28,021/- in principal and Rs. 70,62,226/- in interest. The Corporate Debtor admitted its liability in audited financial statements and balance confirmation
…Rs. 50,00,000/-…
Rs. 5,00,000/-…