Aditya Birla Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RKDS Exports Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to repay a debt of Rs. 16,41,19,344.78/-. The financial creditor had extended loan facilities to Maa Durga Hardware Stores, with RKDS Exports Pvt. Ltd. acting as a co-borrower. The account was declared as Non-Performing Asset (NPA) on 04/07/2022.
Aditya Birla Finance Limited (Financial Creditor) extended financial accommodation to M/s. Maa Durga Hardware Stores (borrower) and RKDS Exports Pvt. Ltd. (co-borrower). Initially, a loan of Rs. 3 Crore was sanctioned, later enhanced to Rs. 5 Crore. A Demand Loan Agreement dated 18/09/2017 for Rs. 2 Crore was executed. Another loan agreement dated 18/09/2017 enhanced the credit facilities to Rs. 6 Crore, with a fresh term loan facility of Rs. 5 Crore. RKDS Exports Private Limited joined as a co-borrower on 04/02/2019, with an addendum loan agreement dated 21/02/2019 for Rs. 2.46 Crore. A loan agreement dated 27/01/2022 was executed for a further Term Loan Facility of Rs. 1 Crore. The Financial Creditor extended a moratorium period due to the COVID-19 pandemic from
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RKDS Exports Private…
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Aditya Birla Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RKDS Exports Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's failure to repay a debt of Rs. 16,41,19,344.78/-. The financial creditor had extended loan facilities to Maa Durga Hardware Stores, with RKDS Exports Pvt. Ltd. acting as a co-borrower. The account was declared as Non-Performing Asset (NPA) on 04/07/2022.
Aditya Birla Finance Limited (Financial Creditor) extended financial accommodation to M/s. Maa Durga Hardware Stores (borrower) and RKDS Exports Pvt. Ltd. (co-borrower). Initially, a loan of Rs. 3 Crore was sanctioned, later enhanced to Rs. 5 Crore. A Demand Loan Agreement dated 18/09/2017 for Rs. 2 Crore was executed. Another loan agreement dated 18/09/2017 enhanced the credit facilities to Rs. 6 Crore, with a fresh term loan facility of Rs. 5 Crore. RKDS Exports Private Limited joined as a co-borrower on 04/02/2019, with an addendum loan agreement dated 21/02/2019 for Rs. 2.46 Crore. A loan agreement dated 27/01/2022 was executed for a further Term Loan Facility of Rs. 1 Crore. The Financial Creditor extended a moratorium period due to the COVID-19 pandemic from
…RKDS Exports Private…
Demand Loan Agreement…