Intec Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Limited, the Corporate Debtor, due to defaults in loan repayments. The Corporate Debtor had availed multiple loan facilities from Intec Capital, and despite entering into a settlement agreement, defaults persisted. An earlier CIRP initiated against Delco Infrastructure Projects Limited was withdrawn based on a settlement agreement, which was later breached. The applicant filed an application under Section 7 of IBC, 2016 before the NCLT.
Intec Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Limited (Corporate Debtor). The Corporate Debtor had availed multiple loan facilities from the Financial Creditor. The first loan was for Rs. 46,28,000, disbursed on 29.02.2016, with a repayment schedule of 48 monthly installments at 20% interest. The second loan was for Rs. 1,07,47,161, disbursed on 30.09.2016, also with a 48-month repayment schedule at 20% interest. The third loan was for Rs. 2,00,00,000, disbursed on 29.11.2016, with an 84-month repayment schedule at 18% interest. The Corporate Debtor defaulted on repayments, leading to dishonored
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Corporate Debtor…
Corporate Debtor…
Intec Capital Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Limited, the Corporate Debtor, due to defaults in loan repayments. The Corporate Debtor had availed multiple loan facilities from Intec Capital, and despite entering into a settlement agreement, defaults persisted. An earlier CIRP initiated against Delco Infrastructure Projects Limited was withdrawn based on a settlement agreement, which was later breached. The applicant filed an application under Section 7 of IBC, 2016 before the NCLT.
Intec Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Delco Infrastructure Projects Limited (Corporate Debtor). The Corporate Debtor had availed multiple loan facilities from the Financial Creditor. The first loan was for Rs. 46,28,000, disbursed on 29.02.2016, with a repayment schedule of 48 monthly installments at 20% interest. The second loan was for Rs. 1,07,47,161, disbursed on 30.09.2016, also with a 48-month repayment schedule at 20% interest. The third loan was for Rs. 2,00,00,000, disbursed on 29.11.2016, with an 84-month repayment schedule at 18% interest. The Corporate Debtor defaulted on repayments, leading to dishonored
…Corporate Debtor…
Corporate Debtor…