The case pertains to an application filed by M/s. Fun N Food Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Pansy Construction Private Limited, the Corporate Debtor, for non-payment of a debt amounting to Rs. 1,62,79,517/-. The Financial Creditor had sanctioned a loan facility of Rs. 1,45,00,000/- to the Corporate Debtor, which was disbursed vide a Loan Agreement dated 01.04.2021. The Corporate Debtor failed to repay the loan amount, leading the Financial Creditor to recall the loan vide notice dated 22.02.2022.
M/s. Fun N Food Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Pansy Construction Private Limited (Corporate Debtor) due to non-payment of debt. The Financial Creditor sanctioned a loan facility of Rs. 1,45,00,000/- to the Corporate Debtor, disbursed via a Loan Agreement dated 01.04.2021. An amount of Rs. 1,42,70,000/- was disbursed. The Corporate Debtor failed to repay the loan, leading the Financial Creditor to recall the loan via notice dated 22.02.2022. The Loan Agreement stipulated repayment of the disbursed amount with interest by 31.12.2021 and quarterly interest payments in advance at 12% per annum. The Financial
…Sign in to view the parties.
Loan Agreement executed…
Rs. 30,00,000 disbursed…
The case pertains to an application filed by M/s. Fun N Food Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Pansy Construction Private Limited, the Corporate Debtor, for non-payment of a debt amounting to Rs. 1,62,79,517/-. The Financial Creditor had sanctioned a loan facility of Rs. 1,45,00,000/- to the Corporate Debtor, which was disbursed vide a Loan Agreement dated 01.04.2021. The Corporate Debtor failed to repay the loan amount, leading the Financial Creditor to recall the loan vide notice dated 22.02.2022.
M/s. Fun N Food Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Pansy Construction Private Limited (Corporate Debtor) due to non-payment of debt. The Financial Creditor sanctioned a loan facility of Rs. 1,45,00,000/- to the Corporate Debtor, disbursed via a Loan Agreement dated 01.04.2021. An amount of Rs. 1,42,70,000/- was disbursed. The Corporate Debtor failed to repay the loan, leading the Financial Creditor to recall the loan via notice dated 22.02.2022. The Loan Agreement stipulated repayment of the disbursed amount with interest by 31.12.2021 and quarterly interest payments in advance at 12% per annum. The Financial
…Loan Agreement executed…
Rs. 30,00,000 disbursed…