The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by KV Foundations India Limited (Financial Creditor) against Holy Heights Infrastructures Pvt Ltd (Corporate Debtor) for default on a loan of ₹6,92,77,000. The Financial Creditor claims the Corporate Debtor failed to repay the loan despite repeated requests and a legal notice. The Corporate Debtor acknowledges the debt but disputes its validity, alleging it was a voluntary financial assistance routed through various entities by Sh. Ashok Kumar Gupta, connected to both parties. The Corporate Debtor also raised concerns about the loan agreement's genuineness, citing irregularities and lack of proper signatures and board resolutions.
KV Foundations India Limited, a non-banking financial company, advanced a loan of ₹6,92,77,000 to Holy Heights Infrastructures Pvt Ltd for 12 months at 12% p.a. The loan agreement was executed on 2019-01-10, and the amount was disbursed between 2019-01-11 and 2019-01-23. No interest was charged until 2019-12-12, after which 12% interest was applicable. The Corporate Debtor acknowledged the debt in its balance sheets for 2019-20, 2020-21, and 2021-22. As of 2022-03-31, the outstanding amount was ₹9,12,56,747, including interest. A legal notice was served on 2022-04-11 demanding repayment. The Corporate Debtor, in its reply dated 2022-04-25, acknowledged the debt but refused to pay, claiming it was advanced by Sh. Ashok Kumar Gupta through various entities. The Corporate
…Sign in to view the parties.
Loan agreement executed between KV…
Disbursal o…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by KV Foundations India Limited (Financial Creditor) against Holy Heights Infrastructures Pvt Ltd (Corporate Debtor) for default on a loan of ₹6,92,77,000. The Financial Creditor claims the Corporate Debtor failed to repay the loan despite repeated requests and a legal notice. The Corporate Debtor acknowledges the debt but disputes its validity, alleging it was a voluntary financial assistance routed through various entities by Sh. Ashok Kumar Gupta, connected to both parties. The Corporate Debtor also raised concerns about the loan agreement's genuineness, citing irregularities and lack of proper signatures and board resolutions.
KV Foundations India Limited, a non-banking financial company, advanced a loan of ₹6,92,77,000 to Holy Heights Infrastructures Pvt Ltd for 12 months at 12% p.a. The loan agreement was executed on 2019-01-10, and the amount was disbursed between 2019-01-11 and 2019-01-23. No interest was charged until 2019-12-12, after which 12% interest was applicable. The Corporate Debtor acknowledged the debt in its balance sheets for 2019-20, 2020-21, and 2021-22. As of 2022-03-31, the outstanding amount was ₹9,12,56,747, including interest. A legal notice was served on 2022-04-11 demanding repayment. The Corporate Debtor, in its reply dated 2022-04-25, acknowledged the debt but refused to pay, claiming it was advanced by Sh. Ashok Kumar Gupta through various entities. The Corporate
…Loan agreement executed between KV…
Disbursal o…