Desana Impex Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Brick and Mortar Reality Private Limited, the Corporate Debtor. The Financial Creditor claimed to have disbursed Rs. 1.50 Crores in five tranches to the Corporate Debtor with a 12% per annum interest rate. The Corporate Debtor allegedly defaulted, leading to an outstanding amount of Rs. 2,31,44,999 as of March 12, 2022, including principal and interest. A legal notice was issued on May 26, 2022, demanding payment, but no reply was received. The Corporate Debtor showed the loan under 'Other Liabilities' in its balance sheet.
Desana Impex Limited (Financial Creditor) claimed to have disbursed Rs. 1.50 Crores to Brick and Mortar Reality Private Limited (Corporate Debtor) in five tranches with 12% annual interest. The disbursement dates were 24/05/2013 (Rs. 10,00,000), 24/05/2013 (Rs. 10,00,000), 28/06/2014 (Rs. 95,00,000), 29/07/2015 (Rs. 10,00,000), and 05/09/2015 (Rs. 25,00,000). The Financial Creditor alleged a default, leading to an outstanding amount of Rs. 2,31,44,999 as of 12/03/2022, including principal and interest. A legal notice was issued on 26/05/2022, but no reply was received. The Corporate Debtor reflected the loan under 'Other Liabilities' in its balance sheet as of 31/03/2021. The Financial Creditor is an NBFC. No written loan agreement was produced. The Corporate Debtor
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Rs. 10,00,000 disbursed…
Rs. 10,00,000 disbursed…
Desana Impex Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Brick and Mortar Reality Private Limited, the Corporate Debtor. The Financial Creditor claimed to have disbursed Rs. 1.50 Crores in five tranches to the Corporate Debtor with a 12% per annum interest rate. The Corporate Debtor allegedly defaulted, leading to an outstanding amount of Rs. 2,31,44,999 as of March 12, 2022, including principal and interest. A legal notice was issued on May 26, 2022, demanding payment, but no reply was received. The Corporate Debtor showed the loan under 'Other Liabilities' in its balance sheet.
Desana Impex Limited (Financial Creditor) claimed to have disbursed Rs. 1.50 Crores to Brick and Mortar Reality Private Limited (Corporate Debtor) in five tranches with 12% annual interest. The disbursement dates were 24/05/2013 (Rs. 10,00,000), 24/05/2013 (Rs. 10,00,000), 28/06/2014 (Rs. 95,00,000), 29/07/2015 (Rs. 10,00,000), and 05/09/2015 (Rs. 25,00,000). The Financial Creditor alleged a default, leading to an outstanding amount of Rs. 2,31,44,999 as of 12/03/2022, including principal and interest. A legal notice was issued on 26/05/2022, but no reply was received. The Corporate Debtor reflected the loan under 'Other Liabilities' in its balance sheet as of 31/03/2021. The Financial Creditor is an NBFC. No written loan agreement was produced. The Corporate Debtor
…Rs. 10,00,000 disbursed…
Rs. 10,00,000 disbursed…