Sital Leasing and Finance Limited, the applicant/financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Gracious Portfolio Private Limited, the respondent/corporate debtor, for alleged default in repayment of a financial debt amounting to INR 1,23,23,113/- as on 31.07.2023. The applicant is a Non-Banking Financial Institution (NBFC). The corporate debtor failed to make appearances before the Adjudicating Authority despite notices. The Adjudicating Authority proceeded ex-parte.
Sital Leasing and Finance Limited (Applicant), a Non-Banking Financial Institution, filed a petition against Gracious Portfolio Private Limited (Respondent/Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, for a default of INR 1,23,23,113/- as of 31.07.2023. The Respondent is incorporated in 1996 under the Companies Act, 1956. The Respondent's director applied for a business loan to expand their business of Securities and Investments in India. The Applicant granted a business loan vide Sanction Letter dated 15.03.2023. A Business Loan Agreement was executed on 07.04.2023 for Rs. 1,20,00,000/- for three months, disbursed in two tranches. The interest rate was 12% per annum. The Respondent paid Rs. 10,061/- as interest as per the loan
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Sital Leasing and Finance Limited, the applicant/financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Gracious Portfolio Private Limited, the respondent/corporate debtor, for alleged default in repayment of a financial debt amounting to INR 1,23,23,113/- as on 31.07.2023. The applicant is a Non-Banking Financial Institution (NBFC). The corporate debtor failed to make appearances before the Adjudicating Authority despite notices. The Adjudicating Authority proceeded ex-parte.
Sital Leasing and Finance Limited (Applicant), a Non-Banking Financial Institution, filed a petition against Gracious Portfolio Private Limited (Respondent/Corporate Debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, for a default of INR 1,23,23,113/- as of 31.07.2023. The Respondent is incorporated in 1996 under the Companies Act, 1956. The Respondent's director applied for a business loan to expand their business of Securities and Investments in India. The Applicant granted a business loan vide Sanction Letter dated 15.03.2023. A Business Loan Agreement was executed on 07.04.2023 for Rs. 1,20,00,000/- for three months, disbursed in two tranches. The interest rate was 12% per annum. The Respondent paid Rs. 10,061/- as interest as per the loan
…Applicant granted a…
Applicant executed a…