Lasya Properties, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against ED & Tech International Limited/Corporate Debtor. The application alleges a default on a financial debt of Rs. 1,49,50,000/-, which includes a principal amount of Rs. 1,15,00,000/- and interest at 12% per annum, amounting to Rs. 34,50,000/-.
Lasya Properties (Financial Creditor) filed an application against ED & Tech International Limited (Corporate Debtor) under Section 7 of the IBC, 2016. A Loan Agreement dated 20.08.2019 was entered into between the parties, where the Financial Creditor advanced a loan of Rs. 1,15,00,000/- to the Corporate Debtor via bank transfer on 28.08.2019. The Corporate Debtor was liable to pay Rs. 60,00,000/- with 12% interest by 30.09.2020, and the balance of Rs. 55,00,000/- with interest by 31.12.2020. Despite requests, the amounts were not paid. A demand notice was issued on 24.09.2021. The total outstanding liability was Rs. 1,49,50,000/-, including Rs. 34,50,000/- interest. The Corporate Debtor admitted the claim and its default but claimed inability to pay.
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The Corporate Debtor…
The Financial Creditor advanced a loan of Rs.…
Lasya Properties, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against ED & Tech International Limited/Corporate Debtor. The application alleges a default on a financial debt of Rs. 1,49,50,000/-, which includes a principal amount of Rs. 1,15,00,000/- and interest at 12% per annum, amounting to Rs. 34,50,000/-.
Lasya Properties (Financial Creditor) filed an application against ED & Tech International Limited (Corporate Debtor) under Section 7 of the IBC, 2016. A Loan Agreement dated 20.08.2019 was entered into between the parties, where the Financial Creditor advanced a loan of Rs. 1,15,00,000/- to the Corporate Debtor via bank transfer on 28.08.2019. The Corporate Debtor was liable to pay Rs. 60,00,000/- with 12% interest by 30.09.2020, and the balance of Rs. 55,00,000/- with interest by 31.12.2020. Despite requests, the amounts were not paid. A demand notice was issued on 24.09.2021. The total outstanding liability was Rs. 1,49,50,000/-, including Rs. 34,50,000/- interest. The Corporate Debtor admitted the claim and its default but claimed inability to pay.
The Corporate Debtor…
The Financial Creditor advanced a loan of Rs.…