Reliance Home Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Raghav Sarees Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the account being classified as NPA. The Corporate Debtor contested the application, raising disputes regarding the default date and the validity of notices issued under the SARFAESI Act.
Reliance Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Raghav Sarees Private Limited (Corporate Debtor). The Financial Creditor had granted credit facilities to the Corporate Debtor, which is engaged in the business of clothing and apparels, to the tune of Rs.1,75,00,000/-. A loan agreement was executed on 31.05.2017, with a sanction letter dated 23.05.2017. The Corporate Debtor initially made payments but defaulted from 5th August, 2018. The loan account became NPA on 8th January, 2019. The Financial Creditor issued a loan recall notice on 21st January, 2019, and a notice under Section 13(2) of the SARFAESI Act on 12th February, 2019. The Corporate Debtor claimed the demand notice
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Sanction letter issued…
Loan agreement executed…
Reliance Home Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Raghav Sarees Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the account being classified as NPA. The Corporate Debtor contested the application, raising disputes regarding the default date and the validity of notices issued under the SARFAESI Act.
Reliance Home Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Raghav Sarees Private Limited (Corporate Debtor). The Financial Creditor had granted credit facilities to the Corporate Debtor, which is engaged in the business of clothing and apparels, to the tune of Rs.1,75,00,000/-. A loan agreement was executed on 31.05.2017, with a sanction letter dated 23.05.2017. The Corporate Debtor initially made payments but defaulted from 5th August, 2018. The loan account became NPA on 8th January, 2019. The Financial Creditor issued a loan recall notice on 21st January, 2019, and a notice under Section 13(2) of the SARFAESI Act on 12th February, 2019. The Corporate Debtor claimed the demand notice
…Sanction letter issued…
Loan agreement executed…