The case involves an application filed by Intec Capital Ltd, the Financial Creditor, against Mac Roof India Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims a default in payment of Rs. 2,69,26,747/-. The Corporate Debtor had taken two loans from the Financial Creditor in 2013 and 2014. Despite repeated requests and reminders, the Corporate Debtor failed to adhere to the repayment schedule. The Financial Creditor initiated arbitration proceedings and obtained awards in its favor, but the Corporate Debtor failed to comply with the awards.
Intec Capital Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mac Roof India Private Limited, the Corporate Debtor, due to a default in payment of Rs. 2,69,26,747/-. The Corporate Debtor had availed two loan facilities from the Financial Creditor: Loan I of Rs. 34,77,000/- sanctioned on 16.10.2013 and Loan II of Rs. 51,30,000/- sanctioned on 20.03.2014. The Corporate Debtor provided collateral security for both loans. The repayment terms for Loan I involved 60 monthly EMIs of Rs. 80,400/- at an interest rate of 14.25% p.a., with the first EMI due on 16.11.2013. For Loan II, the repayment terms involved 60 EMIs of Rs. 1,20,536/- at an interest rate of 15% p.a., with the first EMI due on 01.05.2014.
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Corporate Debtor made…
Corporate Debtor made…
The case involves an application filed by Intec Capital Ltd, the Financial Creditor, against Mac Roof India Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claims a default in payment of Rs. 2,69,26,747/-. The Corporate Debtor had taken two loans from the Financial Creditor in 2013 and 2014. Despite repeated requests and reminders, the Corporate Debtor failed to adhere to the repayment schedule. The Financial Creditor initiated arbitration proceedings and obtained awards in its favor, but the Corporate Debtor failed to comply with the awards.
Intec Capital Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mac Roof India Private Limited, the Corporate Debtor, due to a default in payment of Rs. 2,69,26,747/-. The Corporate Debtor had availed two loan facilities from the Financial Creditor: Loan I of Rs. 34,77,000/- sanctioned on 16.10.2013 and Loan II of Rs. 51,30,000/- sanctioned on 20.03.2014. The Corporate Debtor provided collateral security for both loans. The repayment terms for Loan I involved 60 monthly EMIs of Rs. 80,400/- at an interest rate of 14.25% p.a., with the first EMI due on 16.11.2013. For Loan II, the repayment terms involved 60 EMIs of Rs. 1,20,536/- at an interest rate of 15% p.a., with the first EMI due on 01.05.2014.
…Corporate Debtor made…
Corporate Debtor made…