The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for the commencement of corporate insolvency resolution process (CIRP) against the Corporate Debtor, M/s Jalan Transolutions (India) Limited, by the Financial Creditor, M/s. Capital Trade Links Limited. The Financial Creditor claims a default on a debt of Rs. 3,55,42,279/- out of a total debt granted of Rs.1,79,33,325/-. The Corporate Debtor, however, submitted an affidavit indicating that the amount of debt would be repaid within 24 months.
M/s. Capital Trade Links Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against M/s Jalan Transolutions (India) Limited (Corporate Debtor) for initiation of CIRP. The total debt granted was Rs. 1,79,33,325/-, with a claim of default amounting to Rs. 3,55,42,279/-. The disbursement dates ranged from 14.12.2021 to 13.07.2022. A partial payment of Rs. 20,15,000/- was repaid by the Corporate Debtor on 22.12.2023. The loan agreement specified a bullet payment repayment schedule with an interest rate of 12% p.a. The Corporate Debtor filed an affidavit admitting the debt but sought an opportunity to repay it within 24 months, citing financial losses during the COVID-19 pandemic. The affidavit also stated that there was no mutual agreement
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Loan agreement between Capital Trade Links…
First disbursement of…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for the commencement of corporate insolvency resolution process (CIRP) against the Corporate Debtor, M/s Jalan Transolutions (India) Limited, by the Financial Creditor, M/s. Capital Trade Links Limited. The Financial Creditor claims a default on a debt of Rs. 3,55,42,279/- out of a total debt granted of Rs.1,79,33,325/-. The Corporate Debtor, however, submitted an affidavit indicating that the amount of debt would be repaid within 24 months.
M/s. Capital Trade Links Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against M/s Jalan Transolutions (India) Limited (Corporate Debtor) for initiation of CIRP. The total debt granted was Rs. 1,79,33,325/-, with a claim of default amounting to Rs. 3,55,42,279/-. The disbursement dates ranged from 14.12.2021 to 13.07.2022. A partial payment of Rs. 20,15,000/- was repaid by the Corporate Debtor on 22.12.2023. The loan agreement specified a bullet payment repayment schedule with an interest rate of 12% p.a. The Corporate Debtor filed an affidavit admitting the debt but sought an opportunity to repay it within 24 months, citing financial losses during the COVID-19 pandemic. The affidavit also stated that there was no mutual agreement
…Loan agreement between Capital Trade Links…
First disbursement of…