Visagar Financial Services Limited filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Dharmkalp Constructions and Consultancy, claiming a financial debt of Rs. 1,04,10,511/-. The date of default was 06.02.2024. The Corporate Debtor needed funds and obtained a loan from the Financial Creditor, issuing a cheque that was later dishonored with the remark 'FUNDS INSUFFICIENT'. Despite notices and attempts at settlement, the Corporate Debtor failed to repay the debt.
Visagar Financial Services Limited (Financial Creditor) extended a loan to Dharmkalp Constructions and Consultancy (Corporate Debtor) for Rs. 1,02,00,000/- on 16.10.2023, carrying 9% interest per annum, repayable within three months. The Corporate Debtor issued a cheque for Rs. 1,04,10,511/- dated 17.01.2024, which was dishonored on 06.02.2024 due to 'FUNDS INSUFFICIENT'. The date of default is 06.02.2024. The Financial Creditor issued a notice under Section 138 of the Negotiable Instruments Act on 23.02.2024 and a demand letter on 14.03.2024. The Corporate Debtor admitted to approaching the Financial Creditor for a short-term loan and that the loan was due and payable. The Financial Creditor registered the default with NeSL on 08.04.2024. The Corporate Debtor resisted
…Sign in to view the parties.
Financial Creditor…
Cheque No.…
Visagar Financial Services Limited filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Dharmkalp Constructions and Consultancy, claiming a financial debt of Rs. 1,04,10,511/-. The date of default was 06.02.2024. The Corporate Debtor needed funds and obtained a loan from the Financial Creditor, issuing a cheque that was later dishonored with the remark 'FUNDS INSUFFICIENT'. Despite notices and attempts at settlement, the Corporate Debtor failed to repay the debt.
Visagar Financial Services Limited (Financial Creditor) extended a loan to Dharmkalp Constructions and Consultancy (Corporate Debtor) for Rs. 1,02,00,000/- on 16.10.2023, carrying 9% interest per annum, repayable within three months. The Corporate Debtor issued a cheque for Rs. 1,04,10,511/- dated 17.01.2024, which was dishonored on 06.02.2024 due to 'FUNDS INSUFFICIENT'. The date of default is 06.02.2024. The Financial Creditor issued a notice under Section 138 of the Negotiable Instruments Act on 23.02.2024 and a demand letter on 14.03.2024. The Corporate Debtor admitted to approaching the Financial Creditor for a short-term loan and that the loan was due and payable. The Financial Creditor registered the default with NeSL on 08.04.2024. The Corporate Debtor resisted
…Financial Creditor…
Cheque No.…