The case involves a petition filed by Intec Capital Limited, a Non-Banking Financial Institution, against Innova Plastic Technologies Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,01,20,000 for acquiring machinery. The Corporate Debtor defaulted on the repayment schedule, leading to legal proceedings and an arbitration award in favor of the Financial Creditor. Despite the arbitration award, the Corporate Debtor failed to comply, prompting the Financial Creditor to file the Section 7 petition.
Intec Capital Limited, a Non-Banking Financial Institution, filed a petition against Innova Plastic Technologies Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Innova Plastic Technologies Private Limited had taken a loan of Rs. 1,01,20,000 from Intec Capital Limited for acquiring machinery. The loan was secured by hypothecation. The loan amount was disbursed to the Machine Vendor on behalf of the Corporate Debtor on May 18, 2015, and received by the Machine Vendor on May 19, 2015. The loan was to be repaid in 48 monthly installments with 14% interest per annum. The Corporate Debtor defaulted on the repayment schedule, leading to legal proceedings. An arbitration award was
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The Corporate Debtor…
Execution of the Loan…
The case involves a petition filed by Intec Capital Limited, a Non-Banking Financial Institution, against Innova Plastic Technologies Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,01,20,000 for acquiring machinery. The Corporate Debtor defaulted on the repayment schedule, leading to legal proceedings and an arbitration award in favor of the Financial Creditor. Despite the arbitration award, the Corporate Debtor failed to comply, prompting the Financial Creditor to file the Section 7 petition.
Intec Capital Limited, a Non-Banking Financial Institution, filed a petition against Innova Plastic Technologies Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Innova Plastic Technologies Private Limited had taken a loan of Rs. 1,01,20,000 from Intec Capital Limited for acquiring machinery. The loan was secured by hypothecation. The loan amount was disbursed to the Machine Vendor on behalf of the Corporate Debtor on May 18, 2015, and received by the Machine Vendor on May 19, 2015. The loan was to be repaid in 48 monthly installments with 14% interest per annum. The Corporate Debtor defaulted on the repayment schedule, leading to legal proceedings. An arbitration award was
…The Corporate Debtor…
Execution of the Loan…