DMI Finance Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Hoysala Projects Private Limited, the Corporate Debtor, due to alleged default in repayment of a loan. The Corporate Debtor opposed the petition, contending that there was no existing financial debt or default, as the delayed payments for the September 2021 quarter had been made, and the loan account was standard and not an NPA. The Financial Creditor argued that the Corporate Debtor continued to default on payments, including interest and penal interest, even after filing the petition.
DMI Finance Private Limited (Financial Creditor) granted a loan of Rs. 21,00,00,000 to Hoysala Projects Private Limited (Corporate Debtor) under a loan agreement dated 14.05.2019, with disbursement on 24.05.2019. The loan tenure was 48 months, with repayment in 12 quarterly installments after a moratorium period. The Corporate Debtor allegedly defaulted on payments, leading to an overdue amount of Rs. 2,00,80,418 as of 15.09.2021. The Financial Creditor issued a notice on 07.10.2021, demanding payment, which was not complied with. The Corporate Debtor claimed to have made payments towards the September 2021 quarter, which the Financial Creditor acknowledged but argued that interest and penal interest remained unpaid. The Corporate Debtor also claimed that the loan
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DMI Finance Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Hoysala Projects Private Limited, the Corporate Debtor, due to alleged default in repayment of a loan. The Corporate Debtor opposed the petition, contending that there was no existing financial debt or default, as the delayed payments for the September 2021 quarter had been made, and the loan account was standard and not an NPA. The Financial Creditor argued that the Corporate Debtor continued to default on payments, including interest and penal interest, even after filing the petition.
DMI Finance Private Limited (Financial Creditor) granted a loan of Rs. 21,00,00,000 to Hoysala Projects Private Limited (Corporate Debtor) under a loan agreement dated 14.05.2019, with disbursement on 24.05.2019. The loan tenure was 48 months, with repayment in 12 quarterly installments after a moratorium period. The Corporate Debtor allegedly defaulted on payments, leading to an overdue amount of Rs. 2,00,80,418 as of 15.09.2021. The Financial Creditor issued a notice on 07.10.2021, demanding payment, which was not complied with. The Corporate Debtor claimed to have made payments towards the September 2021 quarter, which the Financial Creditor acknowledged but argued that interest and penal interest remained unpaid. The Corporate Debtor also claimed that the loan
…Loan agreement between…
Date of disbursement of…