Indiabulls Consumer Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Hari Shankar Paper Products Private Limited. The Corporate Debtor had approached the Financial Creditor for a business loan of Rs. 34,00,000 to meet business requirements. A loan agreement was executed, with the loan repayable in 35 equated monthly installments. The Corporate Debtor defaulted on payments, leading to the application before the NCLT.
Hari Shankar Paper Products Private Limited (Corporate Debtor) approached Indiabulls Consumer Finance Limited (Financial Creditor) for a business loan of Rs. 34,00,000. A loan agreement was executed, with the loan repayable in 35 equated monthly installments. The Corporate Debtor defaulted on payments, with defaults occurring from 2018-10-05. The total amount in default was Rs. 35,92,190.01. Indiabulls Consumer Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. Notice was served to the Corporate Debtor on 2021-11-15, but they failed to appear before the Adjudicating Authority. The matter was adjourned multiple times. The Corporate Debtor was set ex-parte on 2021-11-29. The Financial Creditor proposed the
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The Corporate Debtor…
Notice was dul…
Indiabulls Consumer Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Hari Shankar Paper Products Private Limited. The Corporate Debtor had approached the Financial Creditor for a business loan of Rs. 34,00,000 to meet business requirements. A loan agreement was executed, with the loan repayable in 35 equated monthly installments. The Corporate Debtor defaulted on payments, leading to the application before the NCLT.
Hari Shankar Paper Products Private Limited (Corporate Debtor) approached Indiabulls Consumer Finance Limited (Financial Creditor) for a business loan of Rs. 34,00,000. A loan agreement was executed, with the loan repayable in 35 equated monthly installments. The Corporate Debtor defaulted on payments, with defaults occurring from 2018-10-05. The total amount in default was Rs. 35,92,190.01. Indiabulls Consumer Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. Notice was served to the Corporate Debtor on 2021-11-15, but they failed to appear before the Adjudicating Authority. The matter was adjourned multiple times. The Corporate Debtor was set ex-parte on 2021-11-29. The Financial Creditor proposed the
…The Corporate Debtor…
Notice was dul…