Mrs. Arohi V. Shah, the Financial Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pinnacle Nexus Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay an aggregate amount of Rs. 1,52,72,225/-, including a principal amount of Rs. 93,75,000/- and interest of Rs. 61,78,134/- as of May 31, 2018. The Directors of the Corporate Debtor had approached the Financial Creditor for a loan, and the Financial Creditor advanced a loan of Rs. 1,25,00,000/- at an interest rate of 12% per
…Mrs. Arohi V. Shah, the Financial Creditor, sought to initiate CIRP against Pinnacle Nexus Limited, the Corporate Debtor, for defaulting on a loan. The Financial Creditor advanced a loan of Rs. 1,25,00,000/- to the Corporate Debtor at 12% interest per annum. The Corporate Debtor made partial payments. The total outstanding amount, including principal and interest, was Rs. 1,52,72,225/- as of May 31, 2018. The loan was disbursed on March 12, 2014, and the last repayment was made on January 20, 2015. The Financial Creditor sent a letter on December 11, 2017, demanding repayment, but the Corporate Debtor did not respond. The Financial Creditor also presented a Statement of Confirmation of Accounts dated April 1, 2015, acknowledging the debt. The petition was filed on
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Mrs. Arohi V. Shah, the Financial Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pinnacle Nexus Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay an aggregate amount of Rs. 1,52,72,225/-, including a principal amount of Rs. 93,75,000/- and interest of Rs. 61,78,134/- as of May 31, 2018. The Directors of the Corporate Debtor had approached the Financial Creditor for a loan, and the Financial Creditor advanced a loan of Rs. 1,25,00,000/- at an interest rate of 12% per
…Mrs. Arohi V. Shah, the Financial Creditor, sought to initiate CIRP against Pinnacle Nexus Limited, the Corporate Debtor, for defaulting on a loan. The Financial Creditor advanced a loan of Rs. 1,25,00,000/- to the Corporate Debtor at 12% interest per annum. The Corporate Debtor made partial payments. The total outstanding amount, including principal and interest, was Rs. 1,52,72,225/- as of May 31, 2018. The loan was disbursed on March 12, 2014, and the last repayment was made on January 20, 2015. The Financial Creditor sent a letter on December 11, 2017, demanding repayment, but the Corporate Debtor did not respond. The Financial Creditor also presented a Statement of Confirmation of Accounts dated April 1, 2015, acknowledging the debt. The petition was filed on
…Financial Creditor…
Corporate Debtor made…
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