The case originates from an application filed by Hadirah Steels Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Rana Heavy Engineering Ltd, the Corporate Debtor. The Financial Creditor and Corporate Debtor entered into a loan facility agreement on 2021-10-11, where the Financial Creditor agreed to provide financial assistance up to Rs. 8,00,00,000/- as an unsecured loan. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue a loan recall notice on 2022-04-15. As the Corporate Debtor failed to respond, the Financial Creditor filed an application under Section 7 of the Code.
Hadirah Steels Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rana Heavy Engineering Ltd (Corporate Debtor). A loan facility agreement was entered on 2021-10-11, where the Financial Creditor agreed to provide financial assistance up to Rs. 8,00,00,000/- as an unsecured loan. The Financial Creditor disbursed Rs. 3,15,45,000/- in eight tranches from 2021-11-30 to 2022-03-29. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue a loan recall notice on 2022-04-15, requesting repayment of Rs. 3,15,45,000/- along with interest at 12% p.a. and penal interest. The Corporate Debtor failed to respond to the recall notice. The Financial Creditor filed an application under
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The case originates from an application filed by Hadirah Steels Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Rana Heavy Engineering Ltd, the Corporate Debtor. The Financial Creditor and Corporate Debtor entered into a loan facility agreement on 2021-10-11, where the Financial Creditor agreed to provide financial assistance up to Rs. 8,00,00,000/- as an unsecured loan. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue a loan recall notice on 2022-04-15. As the Corporate Debtor failed to respond, the Financial Creditor filed an application under Section 7 of the Code.
Hadirah Steels Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rana Heavy Engineering Ltd (Corporate Debtor). A loan facility agreement was entered on 2021-10-11, where the Financial Creditor agreed to provide financial assistance up to Rs. 8,00,00,000/- as an unsecured loan. The Financial Creditor disbursed Rs. 3,15,45,000/- in eight tranches from 2021-11-30 to 2022-03-29. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue a loan recall notice on 2022-04-15, requesting repayment of Rs. 3,15,45,000/- along with interest at 12% p.a. and penal interest. The Corporate Debtor failed to respond to the recall notice. The Financial Creditor filed an application under
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Financial Creditor…