Religare Finvest Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sadashiv Capital Services Private Limited, the Corporate Debtor/Guarantor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor sought to recover a default amount of Rs. 6,15,62,413.85. The Corporate Debtor argued that the petition was time-barred and that the agreements were executed under duress. The Financial Creditor contended that the Corporate Guarantee Agreement was executed on 11.03.2010, the first default occurred on 01.05.2019, and the petition was filed within the limitation period, considering the exclusion period granted by the Supreme Court due to the COVID-19 pandemic.
Religare Finvest Limited (Financial Creditor) filed a petition against Sadashiv Capital Services Private Limited (Corporate Debtor/Guarantor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor acted as a guarantor for a loan availed by borrowers, including M/s Sadashiv Casting Private Limited. A loan of Rs. 8,80,00,000/- was sanctioned on 11.03.2010, but the disbursement was reduced to Rs. 6,52,00,000. The Corporate Debtor executed a deed of guarantee on 29.03.2010. The last part payment was made on 30.04.2019. The Financial Creditor issued a recall notice and invoked arbitration on 28.12.2019. The total amount in default was Rs. 6,15,62,413.85 as of 01.05.2019. The Corporate Debtor contended the petition was time-barred and the
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Loan of Rs. 8,80,00,000/…
Corporate D…
Religare Finvest Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sadashiv Capital Services Private Limited, the Corporate Debtor/Guarantor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor sought to recover a default amount of Rs. 6,15,62,413.85. The Corporate Debtor argued that the petition was time-barred and that the agreements were executed under duress. The Financial Creditor contended that the Corporate Guarantee Agreement was executed on 11.03.2010, the first default occurred on 01.05.2019, and the petition was filed within the limitation period, considering the exclusion period granted by the Supreme Court due to the COVID-19 pandemic.
Religare Finvest Limited (Financial Creditor) filed a petition against Sadashiv Capital Services Private Limited (Corporate Debtor/Guarantor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor acted as a guarantor for a loan availed by borrowers, including M/s Sadashiv Casting Private Limited. A loan of Rs. 8,80,00,000/- was sanctioned on 11.03.2010, but the disbursement was reduced to Rs. 6,52,00,000. The Corporate Debtor executed a deed of guarantee on 29.03.2010. The last part payment was made on 30.04.2019. The Financial Creditor issued a recall notice and invoked arbitration on 28.12.2019. The total amount in default was Rs. 6,15,62,413.85 as of 01.05.2019. The Corporate Debtor contended the petition was time-barred and the
…Loan of Rs. 8,80,00,000/…
Corporate D…