NRS Steel Traders LLP, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Campus Impex Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor had supplied TMT Bar to the corporate debtor and made advance payments. Due to the corporate debtor's failure to supply the materials, the financial creditor demanded repayment. An agreement was reached on June 1, 2019, to convert the advance payment of Rs. 1,00,00,000 into a financial loan, repayable in four installments with 12% interest per annum. The corporate debtor failed to repay the loan as per the agreement, leading to the application for CIRP.
NRS Steel Traders LLP (Financial Creditor) supplied TMT Bar to Campus Impex Private Limited (Corporate Debtor) and received advance payments. The Corporate Debtor failed to supply the materials, leading the Financial Creditor to demand repayment of the advance payment of Rs. 1,00,00,000. On June 1, 2019, both parties entered into an agreement to convert the advance payment into a financial loan, repayable in four equal monthly installments of Rs. 25 Lakh with 12% interest per annum. The Corporate Debtor failed to pay the converted loan as per the agreement. The Date of Default is claimed as on 30.09.2019. The total amount claimed to be in default is Rs. 1,17,00,000/- inclusive of 12% interest rate per annum. The Financial Creditor issued reminders from June 2019 to
…Sign in to view the parties.
The Petitioner paid an advance of Rs.…
The Petitioner paid an advance of Rs.…
NRS Steel Traders LLP, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Campus Impex Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor had supplied TMT Bar to the corporate debtor and made advance payments. Due to the corporate debtor's failure to supply the materials, the financial creditor demanded repayment. An agreement was reached on June 1, 2019, to convert the advance payment of Rs. 1,00,00,000 into a financial loan, repayable in four installments with 12% interest per annum. The corporate debtor failed to repay the loan as per the agreement, leading to the application for CIRP.
NRS Steel Traders LLP (Financial Creditor) supplied TMT Bar to Campus Impex Private Limited (Corporate Debtor) and received advance payments. The Corporate Debtor failed to supply the materials, leading the Financial Creditor to demand repayment of the advance payment of Rs. 1,00,00,000. On June 1, 2019, both parties entered into an agreement to convert the advance payment into a financial loan, repayable in four equal monthly installments of Rs. 25 Lakh with 12% interest per annum. The Corporate Debtor failed to pay the converted loan as per the agreement. The Date of Default is claimed as on 30.09.2019. The total amount claimed to be in default is Rs. 1,17,00,000/- inclusive of 12% interest rate per annum. The Financial Creditor issued reminders from June 2019 to
…The Petitioner paid an advance of Rs.…
The Petitioner paid an advance of Rs.…