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). The Financial Creditor claims that it advanced a loan of ₹6,92,77,000 to the Corporate Debtor, which the Corporate Debtor failed to repay, leading to default. The Corporate Debtor acknowledges the debt but disputes its validity, claiming it was a voluntary financial assistance routed through various entities by Sh. Ashok Kumar Gupta.
KV Foundations India Limited, a non-banking financial company, claimed to have advanced a loan of ₹6,92,77,000 to Holy Heights Infrastructures Pvt Ltd for 12 months with 12% p.a. interest, with a loan agreement executed on 2019-01-10. The loan was disbursed between 2019-01-11 and 2019-01-23. The Corporate Debtor allegedly acknowledged the debt in its balance sheets for 2019-20, 2020-21, and 2021-22. As of 2022-03-31, the total outstanding amount was ₹9,12,56,747. A legal notice was served on 2022-04-11 demanding repayment. The Corporate Debtor acknowledged the debt in its reply dated 2022-04-25 but refused to pay, claiming the loan was advanced by Sh. Ashok Kumar Gupta through various entities. The Corporate Debtor also alleged that the loan agreement was forged and
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Loan agreement executed between KV…
Disbursement of the loan amount by KV…
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). The Financial Creditor claims that it advanced a loan of ₹6,92,77,000 to the Corporate Debtor, which the Corporate Debtor failed to repay, leading to default. The Corporate Debtor acknowledges the debt but disputes its validity, claiming it was a voluntary financial assistance routed through various entities by Sh. Ashok Kumar Gupta.
KV Foundations India Limited, a non-banking financial company, claimed to have advanced a loan of ₹6,92,77,000 to Holy Heights Infrastructures Pvt Ltd for 12 months with 12% p.a. interest, with a loan agreement executed on 2019-01-10. The loan was disbursed between 2019-01-11 and 2019-01-23. The Corporate Debtor allegedly acknowledged the debt in its balance sheets for 2019-20, 2020-21, and 2021-22. As of 2022-03-31, the total outstanding amount was ₹9,12,56,747. A legal notice was served on 2022-04-11 demanding repayment. The Corporate Debtor acknowledged the debt in its reply dated 2022-04-25 but refused to pay, claiming the loan was advanced by Sh. Ashok Kumar Gupta through various entities. The Corporate Debtor also alleged that the loan agreement was forged and
…Loan agreement executed between KV…
Disbursement of the loan amount by KV…