The case involves a petition filed by Billionaire Hospitality Services Pvt. Ltd. (the Petitioner/Financial Creditor) against SV Distributors Private Limited (the Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r.w. Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Petitioner claims that the Corporate Debtor defaulted on a loan amount of Rs. 2.94 Crores, with the date of default being 08.01.2024. The loan agreement, dated 07.06.2019, stipulated an interest rate of 18% per annum and repayment on demand after a three-day notice. The Petitioner issued a demand letter on 05.01.2024 and a default notice on 06.02.2024, but the Corporate Debtor failed to repay the amount.
Billionaire Hospitality Services Pvt. Ltd. (Petitioner/Financial Creditor) filed a petition against SV Distributors Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed a default of Rs. 2.94 Crores, with the default date being 08.01.2024. A loan agreement dated 07.06.2019 existed between the parties, specifying an 18% annual interest rate and repayment on demand after a three-day notice. The Petitioner sent a demand letter on 05.01.2024 and a default notice on 06.02.2024. The Respondent attributed their inability to repay the debt to the Covid-19 pandemic and claimed the petition was a misuse of the IBC. The Respondent did not dispute the debt amount during the proceedings. The Petitioner
…Sign in to view the parties.
Loan Agreement executed between Billionaire…
Billionaire Hospitality Services Pvt. Ltd.…
The case involves a petition filed by Billionaire Hospitality Services Pvt. Ltd. (the Petitioner/Financial Creditor) against SV Distributors Private Limited (the Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r.w. Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Petitioner claims that the Corporate Debtor defaulted on a loan amount of Rs. 2.94 Crores, with the date of default being 08.01.2024. The loan agreement, dated 07.06.2019, stipulated an interest rate of 18% per annum and repayment on demand after a three-day notice. The Petitioner issued a demand letter on 05.01.2024 and a default notice on 06.02.2024, but the Corporate Debtor failed to repay the amount.
Billionaire Hospitality Services Pvt. Ltd. (Petitioner/Financial Creditor) filed a petition against SV Distributors Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Petitioner claimed a default of Rs. 2.94 Crores, with the default date being 08.01.2024. A loan agreement dated 07.06.2019 existed between the parties, specifying an 18% annual interest rate and repayment on demand after a three-day notice. The Petitioner sent a demand letter on 05.01.2024 and a default notice on 06.02.2024. The Respondent attributed their inability to repay the debt to the Covid-19 pandemic and claimed the petition was a misuse of the IBC. The Respondent did not dispute the debt amount during the proceedings. The Petitioner
…Loan Agreement executed between Billionaire…
Billionaire Hospitality Services Pvt. Ltd.…