The case involves an application filed 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, by four financial creditors against Richfeel Health & Beauty Private Limited, the corporate debtor. The financial creditors, including Rajul Mehta, Sunayana Padwal, Sandhya Singh, and Kedar Mulmule, sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's default in repaying a debt of ₹1,17,73,566 along with compound interest at 18% per annum. The corporate debtor had approached the financial creditors for loans to meet working capital requirements, leading to a Loan Agreement dated 18.02.2020, under which the financial
…Rajul Mehta, Sunayana Padwal, Sandhya Singh, and Kedar Mulmule, acting as financial creditors, filed an application under Section 7 of the IBC against Richfeel Health & Beauty Private Limited ('Corporate Debtor') due to a default in repaying a loan. The Corporate Debtor had approached the Financial Creditors for loans to meet working capital needs, leading to a Loan Agreement dated 18.02.2020. Under this agreement, the Financial Creditors disbursed ₹41,55,000, ₹34,73,040, ₹34,40,000, and ₹13,34,885 respectively, totaling ₹1,24,02,925. The Corporate Debtor was obligated to repay the loan within 18 months with 18% interest per annum. The Corporate Debtor defaulted on the repayment, leading to an outstanding amount of ₹1,17,73,566 plus interest. The Financial
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The case involves an application filed 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, by four financial creditors against Richfeel Health & Beauty Private Limited, the corporate debtor. The financial creditors, including Rajul Mehta, Sunayana Padwal, Sandhya Singh, and Kedar Mulmule, sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's default in repaying a debt of ₹1,17,73,566 along with compound interest at 18% per annum. The corporate debtor had approached the financial creditors for loans to meet working capital requirements, leading to a Loan Agreement dated 18.02.2020, under which the financial
…Rajul Mehta, Sunayana Padwal, Sandhya Singh, and Kedar Mulmule, acting as financial creditors, filed an application under Section 7 of the IBC against Richfeel Health & Beauty Private Limited ('Corporate Debtor') due to a default in repaying a loan. The Corporate Debtor had approached the Financial Creditors for loans to meet working capital needs, leading to a Loan Agreement dated 18.02.2020. Under this agreement, the Financial Creditors disbursed ₹41,55,000, ₹34,73,040, ₹34,40,000, and ₹13,34,885 respectively, totaling ₹1,24,02,925. The Corporate Debtor was obligated to repay the loan within 18 months with 18% interest per annum. The Corporate Debtor defaulted on the repayment, leading to an outstanding amount of ₹1,17,73,566 plus interest. The Financial
…Loan Agreement entered…
First disbursement of…