The case involves a petition filed by CRC Infratech & Services LLP (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Fourth Generation Information Systems Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor contested the petition, citing pre-existing disputes, contravention of the objects clause in the loan agreement, and failure of the Financial Creditor to provide proof of service of the demand notice.
CRC Infratech & Services LLP (Financial Creditor) filed a petition under Section 7 of the IBC against Fourth Generation Information Systems Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor and Corporate Debtor entered into a loan agreement on 2023-05-23 for Rs. 1,00,00,000, repayable over 40 months with 15% annual interest, commencing from 2023-07-31. The Corporate Debtor allegedly defaulted on payments from 2023-07-31 to 2024-03-31. The Financial Creditor issued a demand notice on 2024-02-14 for Rs. 25,67,295. The Record of Default (RoD) was filed by the Financial Creditor on 2024-03-21. The Corporate Debtor claimed pre-existing disputes and that the loan contravened the objects clause of the Financial Creditor. The Corporate Debtor also denied
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CRC Infratech &…
Fourth Generation…
The case involves a petition filed by CRC Infratech & Services LLP (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Fourth Generation Information Systems Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor contested the petition, citing pre-existing disputes, contravention of the objects clause in the loan agreement, and failure of the Financial Creditor to provide proof of service of the demand notice.
CRC Infratech & Services LLP (Financial Creditor) filed a petition under Section 7 of the IBC against Fourth Generation Information Systems Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor and Corporate Debtor entered into a loan agreement on 2023-05-23 for Rs. 1,00,00,000, repayable over 40 months with 15% annual interest, commencing from 2023-07-31. The Corporate Debtor allegedly defaulted on payments from 2023-07-31 to 2024-03-31. The Financial Creditor issued a demand notice on 2024-02-14 for Rs. 25,67,295. The Record of Default (RoD) was filed by the Financial Creditor on 2024-03-21. The Corporate Debtor claimed pre-existing disputes and that the loan contravened the objects clause of the Financial Creditor. The Corporate Debtor also denied
…CRC Infratech &…
Fourth Generation…