The case pertains to a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by financial creditors against M/s. Jairam Foundry Private Limited, the corporate debtor, for non-payment of Rs. 3,48,78,965/- together with interest. The financial creditors claimed to have lent an amount of Rs.1,44,70,439/- to the corporate debtor as an unsecured loan since 2012, with an assurance of repayment on demand along with interest. The corporate debtor allegedly defaulted in paying the principal and interest despite reminders. The financial creditors also presented dishonored cheques issued by the corporate debtor. The corporate debtor disputed the rate of interest but not the debt itself.
Smt. Pushpa Soni and other financial creditors filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s. Jairam Foundry Private Limited, alleging a default of Rs. 3,48,78,965/-. The financial creditors claimed to have lent Rs. 1,44,70,439/- as an unsecured loan in 2012, with interest at 24% p.a. for Late Sri Sampath Kumar Lahoti and 18% p.a. for other creditors. The corporate debtor allegedly defaulted on repayments. Cheques issued by the corporate debtor were dishonored, leading to complaints under Section 138 of the Negotiable Instruments Act. The corporate debtor acknowledged the debt but disputed the rate of interest, claiming it was 12% p.a. and partially paid. The balance sheet of the corporate debtor for the financial year
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Financial creditor lent…
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The case pertains to a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by financial creditors against M/s. Jairam Foundry Private Limited, the corporate debtor, for non-payment of Rs. 3,48,78,965/- together with interest. The financial creditors claimed to have lent an amount of Rs.1,44,70,439/- to the corporate debtor as an unsecured loan since 2012, with an assurance of repayment on demand along with interest. The corporate debtor allegedly defaulted in paying the principal and interest despite reminders. The financial creditors also presented dishonored cheques issued by the corporate debtor. The corporate debtor disputed the rate of interest but not the debt itself.
Smt. Pushpa Soni and other financial creditors filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s. Jairam Foundry Private Limited, alleging a default of Rs. 3,48,78,965/-. The financial creditors claimed to have lent Rs. 1,44,70,439/- as an unsecured loan in 2012, with interest at 24% p.a. for Late Sri Sampath Kumar Lahoti and 18% p.a. for other creditors. The corporate debtor allegedly defaulted on repayments. Cheques issued by the corporate debtor were dishonored, leading to complaints under Section 138 of the Negotiable Instruments Act. The corporate debtor acknowledged the debt but disputed the rate of interest, claiming it was 12% p.a. and partially paid. The balance sheet of the corporate debtor for the financial year
…Financial creditor lent…
Financial cr…