SREI Equipment Finance Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Raasi Refractories Limited, the Corporate Debtor (CD). The FC claimed that the CD defaulted on payments related to credit facilities extended under two Master Facility Agreements dated 01.07.2019, amounting to Rs.8,00,00,000/- and Rs.20,00,00,000/-. The CD denied the allegations, contending that the FC failed to provide evidence of disbursement of the loan amounts. The CD also argued that the amounts were transferred to M/s. Ram Laxman Parboiled Rice Pvt. Ltd., a related party, and subsequently remitted back to the FC.
SREI Equipment Finance Limited (Financial Creditor) filed an application against Raasi Refractories Limited (Corporate Debtor) to initiate CIRP based on a default in repayment of credit facilities. Two Master Facility Agreements were executed on 01.07.2019, with credit facilities of Rs.8,00,00,000/- and Rs.20,00,00,000/- for purchasing plant and machinery. A personal guarantee was provided by Mr. Konda Laxmaiah, and a supplemental deed of hypothecation was executed. The Corporate Debtor allegedly failed to repay installments, leading the Financial Creditor to issue demand notices on 24.11.2020 and 17.05.2021 for outstanding liabilities. The Corporate Debtor denied the allegations, claiming the Financial Creditor failed to provide evidence of disbursement. The Corporate
…Sign in to view the parties.
Two Master Facility Agreements were executed…
SREI Equipment Finance Limited issued a demand…
SREI Equipment Finance Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Raasi Refractories Limited, the Corporate Debtor (CD). The FC claimed that the CD defaulted on payments related to credit facilities extended under two Master Facility Agreements dated 01.07.2019, amounting to Rs.8,00,00,000/- and Rs.20,00,00,000/-. The CD denied the allegations, contending that the FC failed to provide evidence of disbursement of the loan amounts. The CD also argued that the amounts were transferred to M/s. Ram Laxman Parboiled Rice Pvt. Ltd., a related party, and subsequently remitted back to the FC.
SREI Equipment Finance Limited (Financial Creditor) filed an application against Raasi Refractories Limited (Corporate Debtor) to initiate CIRP based on a default in repayment of credit facilities. Two Master Facility Agreements were executed on 01.07.2019, with credit facilities of Rs.8,00,00,000/- and Rs.20,00,00,000/- for purchasing plant and machinery. A personal guarantee was provided by Mr. Konda Laxmaiah, and a supplemental deed of hypothecation was executed. The Corporate Debtor allegedly failed to repay installments, leading the Financial Creditor to issue demand notices on 24.11.2020 and 17.05.2021 for outstanding liabilities. The Corporate Debtor denied the allegations, claiming the Financial Creditor failed to provide evidence of disbursement. The Corporate
…Two Master Facility Agreements were executed…
SREI Equipment Finance Limited issued a demand…