Aditya Birla Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKDS Exports Private Limited, the Corporate Debtor. The Financial Creditor had extended financial accommodation to M/s. Maa Durga Hardware Stores (borrower) and RKDS Exports Pvt. Ltd. (co-borrower). The Corporate Debtor joined as a co-borrower to avail loan facilities. The Corporate Debtor defaulted on its equated monthly installments, leading to the account being declared as Non-Performing Asset (NPA) on 04/07/2022. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, calling upon the borrowers to repay the outstanding amount.
Aditya Birla Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKDS Exports Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 04/12/2007 with a nominal share capital of Rs. 50 Lakh and a paid-up share capital of Rs. 50 Lakh. The amount of default claimed by the Financial Creditor is Rs. 16,41,19,344.78/-, with the date of default being August 09, 2022. The total debt granted to the Corporate Debtor was Rs. 17,08,41,279/-, disbursed on various dates between October 04, 2017, and January 28, 2022. The Financial Creditor had initially sanctioned a loan of Rs. 3 Crore to M/s. Maa Durga Hardware Stores (borrower),
…Sign in to view the parties.
RKDS Exports…
Corporate Debtor joined as a co-borrower to…
Aditya Birla Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKDS Exports Private Limited, the Corporate Debtor. The Financial Creditor had extended financial accommodation to M/s. Maa Durga Hardware Stores (borrower) and RKDS Exports Pvt. Ltd. (co-borrower). The Corporate Debtor joined as a co-borrower to avail loan facilities. The Corporate Debtor defaulted on its equated monthly installments, leading to the account being declared as Non-Performing Asset (NPA) on 04/07/2022. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, calling upon the borrowers to repay the outstanding amount.
Aditya Birla Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RKDS Exports Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 04/12/2007 with a nominal share capital of Rs. 50 Lakh and a paid-up share capital of Rs. 50 Lakh. The amount of default claimed by the Financial Creditor is Rs. 16,41,19,344.78/-, with the date of default being August 09, 2022. The total debt granted to the Corporate Debtor was Rs. 17,08,41,279/-, disbursed on various dates between October 04, 2017, and January 28, 2022. The Financial Creditor had initially sanctioned a loan of Rs. 3 Crore to M/s. Maa Durga Hardware Stores (borrower),
…RKDS Exports…
Corporate Debtor joined as a co-borrower to…