The case involves a Company Petition (IB/114/2021) filed by PV Potluri Ventures LLP (later PV Potluri Ventures Private Limited) against Benita Industries Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petitioner claimed to have extended unsecured loans totaling Rs. 19 crores to the respondent at a 36% annual interest rate, without any formal agreement. The respondent allegedly defaulted on repayments, leading to the petition. The respondent disputed the loan, claiming the funds were intended as investment capital for future mining projects. A legal notice was issued by the petitioner, but the respondent neither repaid the amount nor replied to the notice, instead lodging a
…On 2019-08-29, PV Potluri Ventures LLP allegedly extended an unsecured loan of Rs. 4 crores to Benita Industries Limited at a 36% annual interest rate, purportedly for four days. The loan remained unpaid, and subsequently, further unsecured loans of Rs. 5 crores each were extended on 2019-10-10 and 2019-10-11, totaling Rs. 19 crores. No formal documentation or agreements were made. Between 2019-11-13 and 2020-12-24, Benita Industries Limited repaid Rs. 3.82 crores. PV Potluri Ventures LLP issued a legal notice on 2021-03-18, demanding Rs. 25.04 crores, but Benita Industries Limited neither repaid nor replied, instead lodging a caveat. PV Potluri Ventures LLP filed a Company Petition (IB/114/2021) under Section 7 of the IBC. Benita Industries Limited claimed the Rs. 19
…Sign in to view the parties.
Petitioner's Limited…
Petitioner extended an…
The case involves a Company Petition (IB/114/2021) filed by PV Potluri Ventures LLP (later PV Potluri Ventures Private Limited) against Benita Industries Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petitioner claimed to have extended unsecured loans totaling Rs. 19 crores to the respondent at a 36% annual interest rate, without any formal agreement. The respondent allegedly defaulted on repayments, leading to the petition. The respondent disputed the loan, claiming the funds were intended as investment capital for future mining projects. A legal notice was issued by the petitioner, but the respondent neither repaid the amount nor replied to the notice, instead lodging a
…On 2019-08-29, PV Potluri Ventures LLP allegedly extended an unsecured loan of Rs. 4 crores to Benita Industries Limited at a 36% annual interest rate, purportedly for four days. The loan remained unpaid, and subsequently, further unsecured loans of Rs. 5 crores each were extended on 2019-10-10 and 2019-10-11, totaling Rs. 19 crores. No formal documentation or agreements were made. Between 2019-11-13 and 2020-12-24, Benita Industries Limited repaid Rs. 3.82 crores. PV Potluri Ventures LLP issued a legal notice on 2021-03-18, demanding Rs. 25.04 crores, but Benita Industries Limited neither repaid nor replied, instead lodging a caveat. PV Potluri Ventures LLP filed a Company Petition (IB/114/2021) under Section 7 of the IBC. Benita Industries Limited claimed the Rs. 19
…Petitioner's Limited…
Petitioner extended an…