The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by BSFC Distributors Private Limited against Pilot Mines & Minerals Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to repay a loan of Rs. 1,82,57,108/- as of 31.03.2021. The Corporate Debtor admitted to taking an unsecured loan of Rs. 1,50,00,000/- from the Financial Creditor, with an interest rate of 20% per annum, repayable by 31.03.2021. An Inter Corporate Deposit Agreement was executed, and a Demand Promissory Note was issued. The loan was disbursed on 04.02.2021. The Corporate Debtor sought extensions for repayment but failed to honor its commitments.
BSFC Distributors Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Pilot Mines & Minerals Private Limited (Corporate Debtor) due to a default in repayment of a loan. The Corporate Debtor had approached the Financial Creditor on 29.01.2021 for an unsecured loan of Rs. 1,50,00,000/- at an interest rate of 20% per annum, repayable by 31.03.2021. The Financial Creditor approved the loan on 01.02.2021, and an Inter Corporate Deposit Agreement was executed on 03.02.2021. The loan was disbursed on 04.02.2021. The Corporate Debtor failed to repay the loan by the due date, leading to a total outstanding of Rs. 1,82,57,108/- as of 31.01.2022. The Financial Creditor issued demand notices, but the
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The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by BSFC Distributors Private Limited against Pilot Mines & Minerals Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's failure to repay a loan of Rs. 1,82,57,108/- as of 31.03.2021. The Corporate Debtor admitted to taking an unsecured loan of Rs. 1,50,00,000/- from the Financial Creditor, with an interest rate of 20% per annum, repayable by 31.03.2021. An Inter Corporate Deposit Agreement was executed, and a Demand Promissory Note was issued. The loan was disbursed on 04.02.2021. The Corporate Debtor sought extensions for repayment but failed to honor its commitments.
BSFC Distributors Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Pilot Mines & Minerals Private Limited (Corporate Debtor) due to a default in repayment of a loan. The Corporate Debtor had approached the Financial Creditor on 29.01.2021 for an unsecured loan of Rs. 1,50,00,000/- at an interest rate of 20% per annum, repayable by 31.03.2021. The Financial Creditor approved the loan on 01.02.2021, and an Inter Corporate Deposit Agreement was executed on 03.02.2021. The loan was disbursed on 04.02.2021. The Corporate Debtor failed to repay the loan by the due date, leading to a total outstanding of Rs. 1,82,57,108/- as of 31.01.2022. The Financial Creditor issued demand notices, but the
…Corporate Debtor…
Financial Credi…