The case involves a Company Petition filed by Safal Africa Ltd. (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Safintra Roofing (India) Limited (Corporate Debtor). The Corporate Debtor defaulted on repaying an outstanding amount of ₹2,48,31,000/- since 01.04.2014. The Financial Creditor holds 57.14% shares of the Corporate Debtor and had extended a loan of US$ 300,000.00 to the Corporate Debtor on 01.07.2009. The Corporate Debtor acknowledged the debt and its inability to repay due to unfavorable business conditions. Another shareholder, Octamec Engineering Ltd., holding 42.86% shares, is under liquidation.
Safal Africa Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the IBC against Safintra Roofing (India) Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor is incorporated in British Virgin Islands and holds 57.14% shares of the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956. The Corporate Debtor defaulted on repaying ₹2,48,31,000/- since 01.04.2014. The Financial Creditor extended a loan of US$ 300,000.00 to the Corporate Debtor on 01.07.2009, which was raised in accordance with FEMA regulations. The loan agreement stipulated repayment starting from 31.07.2012, with the last installment due on 30.04.2013, but a supplementary agreement revised the schedule. The Financial Creditor
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Safal Africa Ltd.…
Safintra Roofing…
The case involves a Company Petition filed by Safal Africa Ltd. (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Safintra Roofing (India) Limited (Corporate Debtor). The Corporate Debtor defaulted on repaying an outstanding amount of ₹2,48,31,000/- since 01.04.2014. The Financial Creditor holds 57.14% shares of the Corporate Debtor and had extended a loan of US$ 300,000.00 to the Corporate Debtor on 01.07.2009. The Corporate Debtor acknowledged the debt and its inability to repay due to unfavorable business conditions. Another shareholder, Octamec Engineering Ltd., holding 42.86% shares, is under liquidation.
Safal Africa Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the IBC against Safintra Roofing (India) Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor is incorporated in British Virgin Islands and holds 57.14% shares of the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956. The Corporate Debtor defaulted on repaying ₹2,48,31,000/- since 01.04.2014. The Financial Creditor extended a loan of US$ 300,000.00 to the Corporate Debtor on 01.07.2009, which was raised in accordance with FEMA regulations. The loan agreement stipulated repayment starting from 31.07.2012, with the last installment due on 30.04.2013, but a supplementary agreement revised the schedule. The Financial Creditor
…Safal Africa Ltd.…
Safintra Roofing…