Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited, citing an unresolved financial debt of Rs. 1,10,17,026.93. The petitioner, a Co-operative Credit Society, had provided credit facilities to the corporate debtor, which defaulted on repayment. The financial creditor initiated legal action through the Assistant Registrar, Co-operative Societies, Pune, obtaining a Recovery Certificate under section 101 of the Maharashtra Co-Operative Societies Act. Despite this, the corporate debtor failed to make payments, leading to the filing of the petition.
Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon (the Petitioner), a Co-operative Credit Society, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited (the Corporate Debtor). The Corporate Debtor had approached the Petitioner for renewal of existing credit facilities, specifically a Working Capital Cash Credit Loan of Rs. 1,25,00,000 for business expansion. The Petitioner sanctioned and disbursed credit facilities for a 9-month period from 31.03.2018 to 31.12.2018. The Corporate Debtor defaulted on repayment from March 2018 onwards. The Petitioner initiated legal action through the Assistant Registrar, Co-operative Societies, Pune,
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Credit facilities…
Corporate Debtor defaulted in the repayment of…
Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited, citing an unresolved financial debt of Rs. 1,10,17,026.93. The petitioner, a Co-operative Credit Society, had provided credit facilities to the corporate debtor, which defaulted on repayment. The financial creditor initiated legal action through the Assistant Registrar, Co-operative Societies, Pune, obtaining a Recovery Certificate under section 101 of the Maharashtra Co-Operative Societies Act. Despite this, the corporate debtor failed to make payments, leading to the filing of the petition.
Samata Nagari Sahkari Patsanstha Maryadit, Kopargaon (the Petitioner), a Co-operative Credit Society, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Komal Kakade Constructions Private Limited (the Corporate Debtor). The Corporate Debtor had approached the Petitioner for renewal of existing credit facilities, specifically a Working Capital Cash Credit Loan of Rs. 1,25,00,000 for business expansion. The Petitioner sanctioned and disbursed credit facilities for a 9-month period from 31.03.2018 to 31.12.2018. The Corporate Debtor defaulted on repayment from March 2018 onwards. The Petitioner initiated legal action through the Assistant Registrar, Co-operative Societies, Pune,
…Credit facilities…
Corporate Debtor defaulted in the repayment of…