The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ashok Gupta, a financial creditor, against Coromandel Granites (I) Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a loan of Rs. 1,23,00,000/- with an interest rate of 24% per annum. The applicant also served as the Chief Financial Officer and Director of the corporate debtor. The corporate debtor allegedly failed to repay the loan, leading to the dishonor of several post-dated cheques. The applicant then issued a legal notice to the corporate debtor, but no response or payment was received.
Ashok Gupta, the applicant, claimed to have provided a loan of Rs. 1,23,00,000/- to Coromandel Granites (I) Limited, the corporate debtor, with an interest rate of 24% per annum. The loan was provided in various tranches via cheques drawn on Axis Bank. The applicant also served as the Chief Financial Officer and Director of the corporate debtor. The corporate debtor failed to repay the loan, and several post-dated cheques issued for repayment were dishonored due to insufficient funds. The applicant issued a legal notice to the corporate debtor, but no response or payment was received. The corporate debtor alleged that the applicant had stolen and misused signed cheques. The applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to
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Coromandel Granites (I) Limited was…
A Demand Promissory Note was executed along…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ashok Gupta, a financial creditor, against Coromandel Granites (I) Limited, the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant claims that the corporate debtor defaulted on a loan of Rs. 1,23,00,000/- with an interest rate of 24% per annum. The applicant also served as the Chief Financial Officer and Director of the corporate debtor. The corporate debtor allegedly failed to repay the loan, leading to the dishonor of several post-dated cheques. The applicant then issued a legal notice to the corporate debtor, but no response or payment was received.
Ashok Gupta, the applicant, claimed to have provided a loan of Rs. 1,23,00,000/- to Coromandel Granites (I) Limited, the corporate debtor, with an interest rate of 24% per annum. The loan was provided in various tranches via cheques drawn on Axis Bank. The applicant also served as the Chief Financial Officer and Director of the corporate debtor. The corporate debtor failed to repay the loan, and several post-dated cheques issued for repayment were dishonored due to insufficient funds. The applicant issued a legal notice to the corporate debtor, but no response or payment was received. The corporate debtor alleged that the applicant had stolen and misused signed cheques. The applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to
…Coromandel Granites (I) Limited was…
A Demand Promissory Note was executed along…