Utsav Securities Private Limited, a non-banking finance company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mahavir Industries Limited, the Corporate Debtor, due to default in repayment of a principal debt of INR 4,57,75,424.66/-. The default date is recorded as 01.11.2023.
Utsav Securities Private Limited (Financial Creditor) filed a petition to initiate CIRP against Mahavir Industries Limited (Corporate Debtor) under Section 7 of the IBC, 2016. A Business Loan Agreement was executed between the parties for the expansion of the Corporate Debtor's business. The Financial Creditor sanctioned a loan of Rs.4,45,00,000/- on 01.09.2023, disbursed in seven tranches between 04.09.2023 and 16.09.2023. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue default notices and a final recall notice on 28.10.2023, claiming a total debit of Rs. 4,57,75,424.66/-. The Corporate Debtor acknowledged the debt but cited financial difficulties, including market downtrends and the cancellation of a high-value contract, as
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Financial Creditor sent a Loan Sanction Letter…
The loan amount was disbursed to the…
Utsav Securities Private Limited, a non-banking finance company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mahavir Industries Limited, the Corporate Debtor, due to default in repayment of a principal debt of INR 4,57,75,424.66/-. The default date is recorded as 01.11.2023.
Utsav Securities Private Limited (Financial Creditor) filed a petition to initiate CIRP against Mahavir Industries Limited (Corporate Debtor) under Section 7 of the IBC, 2016. A Business Loan Agreement was executed between the parties for the expansion of the Corporate Debtor's business. The Financial Creditor sanctioned a loan of Rs.4,45,00,000/- on 01.09.2023, disbursed in seven tranches between 04.09.2023 and 16.09.2023. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to issue default notices and a final recall notice on 28.10.2023, claiming a total debit of Rs. 4,57,75,424.66/-. The Corporate Debtor acknowledged the debt but cited financial difficulties, including market downtrends and the cancellation of a high-value contract, as
…Financial Creditor sent a Loan Sanction Letter…
The loan amount was disbursed to the…