Janpragti Commodities Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Radission Resources Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on a long-term unsecured loan of Rs. 30,00,000/- advanced by the Financial Creditor to the Corporate Debtor in August 2016, carrying interest at 12% per annum, repayable on demand at the end of three years. The Financial Creditor claimed a default amount of Rs. 42,33,863/- including interest as of January 20, 2020, with the date of default stated as August 22, 2019.
In August 2016, Radission Resources Private Limited (Corporate Debtor) approached Janpragti Commodities Private Limited (Financial Creditor) for a financial assistance of Rs. 30,00,000 in the form of a long term unsecured loan, citing financial difficulties. The loan carried an interest rate of 12% per annum. The Financial Creditor disbursed the loan in two installments: Rs. 10,00,000 on August 10, 2016, and Rs. 20,00,000 on August 16, 2016. The Corporate Debtor acknowledged the receipt of these payments through letters. Promissory notes were also issued for the loan amount, repayable on demand after three years. After the expiry of three years, on March 5, 2019, the Financial Creditor informed the Corporate Debtor that the loan repayment along with interest was due.
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Janpragti Commodities Private Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Radission Resources Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on a long-term unsecured loan of Rs. 30,00,000/- advanced by the Financial Creditor to the Corporate Debtor in August 2016, carrying interest at 12% per annum, repayable on demand at the end of three years. The Financial Creditor claimed a default amount of Rs. 42,33,863/- including interest as of January 20, 2020, with the date of default stated as August 22, 2019.
In August 2016, Radission Resources Private Limited (Corporate Debtor) approached Janpragti Commodities Private Limited (Financial Creditor) for a financial assistance of Rs. 30,00,000 in the form of a long term unsecured loan, citing financial difficulties. The loan carried an interest rate of 12% per annum. The Financial Creditor disbursed the loan in two installments: Rs. 10,00,000 on August 10, 2016, and Rs. 20,00,000 on August 16, 2016. The Corporate Debtor acknowledged the receipt of these payments through letters. Promissory notes were also issued for the loan amount, repayable on demand after three years. After the expiry of three years, on March 5, 2019, the Financial Creditor informed the Corporate Debtor that the loan repayment along with interest was due.
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