The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Vinsan Credit & Securities Limited (Financial Creditor) against MU Buildcon Private Ltd. (Corporate Debtor) for initiation of the Insolvency Resolution Process. The Financial Creditor (FC) extended a credit facility to the Corporate Debtor (CD), which the CD allegedly defaulted on. The FC claims that the CD failed to pay interest for the financial years ending in March 2017, 2018, 2019, and 2020. The CD made partial payments but the FC declared the loan account as NPA and issued a legal notice demanding repayment. The CD acknowledged the debt in its reply to the legal notice but requested time to settle the outstanding amount.
Vinsan Credit & Securities Limited (FC) extended a credit facility to MU Buildcon Private Ltd. (CD). The CD sought a credit facility of Rs. 10 Crores in May 2012. The FC sanctioned Rs. 4,00,00,000/- to the CD, subject to terms and conditions outlined in a letter dated 31.05.2012. The loan was to be disbursed via RTGS/NEFT/Cheque on demand by the CD, with an interest rate of 6% per annum. The FC disbursed the loan between June 2012 and March 2013, totaling Rs. 3,30,00,000/-. The CD paid Rs. 12,50,433/- as interest on 06.05.2013. Further disbursements were made on 07.03.2014 (Rs. 35,00,000/-) and 24.03.2014 (Rs. 15,00,000/-). The CD paid Rs. 18,01,087/- on 07.04.2014. Between April 2014 and March 2015, further disbursements were made. The CD paid Rs. 34,14,439 as
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MU Buildcon Private Ltd. approached Vinsan…
Vinsan Credit & Securities Limited sanctioned…
The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Vinsan Credit & Securities Limited (Financial Creditor) against MU Buildcon Private Ltd. (Corporate Debtor) for initiation of the Insolvency Resolution Process. The Financial Creditor (FC) extended a credit facility to the Corporate Debtor (CD), which the CD allegedly defaulted on. The FC claims that the CD failed to pay interest for the financial years ending in March 2017, 2018, 2019, and 2020. The CD made partial payments but the FC declared the loan account as NPA and issued a legal notice demanding repayment. The CD acknowledged the debt in its reply to the legal notice but requested time to settle the outstanding amount.
Vinsan Credit & Securities Limited (FC) extended a credit facility to MU Buildcon Private Ltd. (CD). The CD sought a credit facility of Rs. 10 Crores in May 2012. The FC sanctioned Rs. 4,00,00,000/- to the CD, subject to terms and conditions outlined in a letter dated 31.05.2012. The loan was to be disbursed via RTGS/NEFT/Cheque on demand by the CD, with an interest rate of 6% per annum. The FC disbursed the loan between June 2012 and March 2013, totaling Rs. 3,30,00,000/-. The CD paid Rs. 12,50,433/- as interest on 06.05.2013. Further disbursements were made on 07.03.2014 (Rs. 35,00,000/-) and 24.03.2014 (Rs. 15,00,000/-). The CD paid Rs. 18,01,087/- on 07.04.2014. Between April 2014 and March 2015, further disbursements were made. The CD paid Rs. 34,14,439 as
…MU Buildcon Private Ltd. approached Vinsan…
Vinsan Credit & Securities Limited sanctioned…