The case involves an application filed by Kudapa Gangadhara Rao and Smt. Madhavi Kudapa, the Financial Creditors (FCs), against Impact Metals Ltd, the Corporate Debtor (CD), to initiate the Corporate Insolvency Resolution Process (CIRP) due to the CD's default in repaying a debt. The CD was incorporated under the Companies Act, 1956, and is in the business of manufacturing Aluminium Containers and Cold Forgings. The Director and Shareholder of the CD, Mr. Gorrepati Venkat Rao, approached the FCs for a loan due to a financial crisis. The FCs provided a loan of Rs.1,63,19,694/- between 2011 and 2012, with an agreed interest rate of 24% per annum. The CD deposited original registered sale deeds of their immovable property to create a simple/equitable mortgage. The
…Kudapa Gangadhara Rao and Smt. Madhavi Kudapa (Financial Creditors) filed an application against Impact Metals Ltd (Corporate Debtor) to initiate CIRP under Section 7 of the IBC due to unpaid debt. The Corporate Debtor was in the business of manufacturing Aluminium Containers and Cold Forgings. The Director of the Corporate Debtor, Mr. Gorrepati Venkat Rao, requested a loan from the Financial Creditors due to a financial crisis. The Financial Creditors provided a loan of Rs.1,63,19,694/- between 2011-05-02 and 2012-06-19, with an agreed interest rate of 24% per annum. The Corporate Debtor deposited original registered sale deeds of their immovable property to create a simple/equitable mortgage. The Directors also stood as Guarantors for the loan. The Corporate Debtor
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The case involves an application filed by Kudapa Gangadhara Rao and Smt. Madhavi Kudapa, the Financial Creditors (FCs), against Impact Metals Ltd, the Corporate Debtor (CD), to initiate the Corporate Insolvency Resolution Process (CIRP) due to the CD's default in repaying a debt. The CD was incorporated under the Companies Act, 1956, and is in the business of manufacturing Aluminium Containers and Cold Forgings. The Director and Shareholder of the CD, Mr. Gorrepati Venkat Rao, approached the FCs for a loan due to a financial crisis. The FCs provided a loan of Rs.1,63,19,694/- between 2011 and 2012, with an agreed interest rate of 24% per annum. The CD deposited original registered sale deeds of their immovable property to create a simple/equitable mortgage. The
…Kudapa Gangadhara Rao and Smt. Madhavi Kudapa (Financial Creditors) filed an application against Impact Metals Ltd (Corporate Debtor) to initiate CIRP under Section 7 of the IBC due to unpaid debt. The Corporate Debtor was in the business of manufacturing Aluminium Containers and Cold Forgings. The Director of the Corporate Debtor, Mr. Gorrepati Venkat Rao, requested a loan from the Financial Creditors due to a financial crisis. The Financial Creditors provided a loan of Rs.1,63,19,694/- between 2011-05-02 and 2012-06-19, with an agreed interest rate of 24% per annum. The Corporate Debtor deposited original registered sale deeds of their immovable property to create a simple/equitable mortgage. The Directors also stood as Guarantors for the loan. The Corporate Debtor
…Financial Creditors…
Financial Creditors completed disbursing the…