Nimble Credit Cooperative Society Ltd filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Bulland Realtors Private Limited, citing a total financial default of Rs. 6,02,00,000, which includes a principal amount of Rs. 2,98,95,000 and interest of Rs. 3,03,05,000 calculated at 2% per month from 01.06.2018 to 31.03.2023. The Corporate Debtor was incorporated on 06/11/2013 and is engaged in the business of building completion. The Adjudicating Authority noted that the Corporate Debtor had earlier made an offer of settlement and entered into an MoU with the Financial Creditor in 2018 but subsequently defaulted on the payment.
Nimble Credit Cooperative Society Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bulland Realtors Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 06/11/2013 and is in the business of building completion. The total financial default amounted to Rs. 6,02,00,000, comprising a principal amount of Rs. 2,98,95,000 and interest of Rs. 3,03,05,000 calculated at 2% per month from 01.06.2018 to 31.03.2023. The application was filed on 25.04.2023. The Corporate Debtor had previously made a settlement offer and entered into a Memorandum of Understanding (MoU) with the Financial Creditor in 2018 but subsequently defaulted on
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Bulland Realtors…
Corporate Debtor made an offer of settlement…
Nimble Credit Cooperative Society Ltd filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Bulland Realtors Private Limited, citing a total financial default of Rs. 6,02,00,000, which includes a principal amount of Rs. 2,98,95,000 and interest of Rs. 3,03,05,000 calculated at 2% per month from 01.06.2018 to 31.03.2023. The Corporate Debtor was incorporated on 06/11/2013 and is engaged in the business of building completion. The Adjudicating Authority noted that the Corporate Debtor had earlier made an offer of settlement and entered into an MoU with the Financial Creditor in 2018 but subsequently defaulted on the payment.
Nimble Credit Cooperative Society Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bulland Realtors Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 06/11/2013 and is in the business of building completion. The total financial default amounted to Rs. 6,02,00,000, comprising a principal amount of Rs. 2,98,95,000 and interest of Rs. 3,03,05,000 calculated at 2% per month from 01.06.2018 to 31.03.2023. The application was filed on 25.04.2023. The Corporate Debtor had previously made a settlement offer and entered into a Memorandum of Understanding (MoU) with the Financial Creditor in 2018 but subsequently defaulted on
…Bulland Realtors…
Corporate Debtor made an offer of settlement…