The case involves a petition filed by M/s Nirnidhi Consultant Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Global Infratech & Finance Limited (Corporate Debtor) for resolution of an unresolved financial debt. The Financial Creditor claimed a debt of Rs. 1,22,18,042/- inclusive of interest till 30.11.2020. The Corporate Debtor acknowledged the debt but cited inability to repay due to the COVID-19 pandemic.
A loan Memorandum of Understanding was executed on 01.10.2019 between M/s Nirnidhi Consultant Private Limited (Financial Creditor) and M/s Global Infratech & Finance Limited (Corporate Debtor), where the Financial Creditor advanced an Inter Corporate Loan of Rs.71,40,000/- at 12% per annum against lien of equity shares. The loan was to be repaid on or before 31.12.2019, with a penal interest of 1% per month in case of default. On 01.10.2019, the Financial Creditor sold equity shares of Rs. 34,00,000/- to the Respondent, which was to be repaid within 7 days, but the Respondent failed to make the payment. The Financial Creditor sent a letter dated 20.03.2020 demanding payment and converted the sale amount into a loan with 12% interest, which was acknowledged by the
…Sign in to view the parties.
Loan Memorandum of Understanding executed…
Financial Creditor sold equity shares of Rs.…
The case involves a petition filed by M/s Nirnidhi Consultant Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Global Infratech & Finance Limited (Corporate Debtor) for resolution of an unresolved financial debt. The Financial Creditor claimed a debt of Rs. 1,22,18,042/- inclusive of interest till 30.11.2020. The Corporate Debtor acknowledged the debt but cited inability to repay due to the COVID-19 pandemic.
A loan Memorandum of Understanding was executed on 01.10.2019 between M/s Nirnidhi Consultant Private Limited (Financial Creditor) and M/s Global Infratech & Finance Limited (Corporate Debtor), where the Financial Creditor advanced an Inter Corporate Loan of Rs.71,40,000/- at 12% per annum against lien of equity shares. The loan was to be repaid on or before 31.12.2019, with a penal interest of 1% per month in case of default. On 01.10.2019, the Financial Creditor sold equity shares of Rs. 34,00,000/- to the Respondent, which was to be repaid within 7 days, but the Respondent failed to make the payment. The Financial Creditor sent a letter dated 20.03.2020 demanding payment and converted the sale amount into a loan with 12% interest, which was acknowledged by the
…Loan Memorandum of Understanding executed…
Financial Creditor sold equity shares of Rs.…