Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M. S. Railtech Consultants Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's default on payments amounting to Rs. 2,31,06,316.83, including applicable interest. The Corporate Debtor had availed two term loans against the hypothecation of equipment, with sanction dates in December 2015 and January 2016. The Petitioner issued recall notices in April 2017 seeking repayment of the entire amount.
Reliance Commercial Finance Limited (the Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M. S. Railtech Consultants Private Limited (the Corporate Debtor). The basis for the petition was the Corporate Debtor's default in payment of Rs. 2,31,06,316.83, including interest. The Corporate Debtor had availed two term loans secured by hypothecation of equipment. The first term loan, amounting to Rs. 68,85,598/-, was sanctioned on 2015-12-29 and disbursed on 2015-12-31, with an EMI of Rs. 1,95,140/- payable over 48 months. The second term loan, amounting to Rs. 1,27,07,000/-, was sanctioned on 2016-01-16 and disbursed on 2016-01-18, with an EMI of Rs. 3,09,010/-
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The first term loan of…
The first term…
Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M. S. Railtech Consultants Private Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's default on payments amounting to Rs. 2,31,06,316.83, including applicable interest. The Corporate Debtor had availed two term loans against the hypothecation of equipment, with sanction dates in December 2015 and January 2016. The Petitioner issued recall notices in April 2017 seeking repayment of the entire amount.
Reliance Commercial Finance Limited (the Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M. S. Railtech Consultants Private Limited (the Corporate Debtor). The basis for the petition was the Corporate Debtor's default in payment of Rs. 2,31,06,316.83, including interest. The Corporate Debtor had availed two term loans secured by hypothecation of equipment. The first term loan, amounting to Rs. 68,85,598/-, was sanctioned on 2015-12-29 and disbursed on 2015-12-31, with an EMI of Rs. 1,95,140/- payable over 48 months. The second term loan, amounting to Rs. 1,27,07,000/-, was sanctioned on 2016-01-16 and disbursed on 2016-01-18, with an EMI of Rs. 3,09,010/-
…The first term loan of…
The first term…