The application was filed by Bhupendra J. Shah, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the Corporate Debtor. The Financial Creditor had given an unsecured loan of Rs. 25,00,000/- to the Corporate Debtor on 06.04.2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor paid Rs. 9,37,500/- as interest until April 2019. The Financial Creditor requested the Corporate Debtor to pay Rs. 31,75,000/- outstanding as of 31.10.2020, but the Corporate Debtor failed to repay. The Financial Creditor sent a demand notice on 10.12.2020, which was not replied to or paid.
Mr. Bhupendra J. Shah, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the Corporate Debtor. The Financial Creditor extended an unsecured loan of Rs. 25,00,000/- to the Corporate Debtor on April 6, 2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor made interest payments totaling Rs. 9,37,500/- until April 2019. As of October 31, 2020, the outstanding amount, including principal and interest, was Rs. 31,75,000/-. The Corporate Debtor failed to repay this amount, leading the Financial Creditor to issue a demand notice on December 10, 2020, which went unanswered and unpaid. The Corporate
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The application was filed by Bhupendra J. Shah, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the Corporate Debtor. The Financial Creditor had given an unsecured loan of Rs. 25,00,000/- to the Corporate Debtor on 06.04.2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor paid Rs. 9,37,500/- as interest until April 2019. The Financial Creditor requested the Corporate Debtor to pay Rs. 31,75,000/- outstanding as of 31.10.2020, but the Corporate Debtor failed to repay. The Financial Creditor sent a demand notice on 10.12.2020, which was not replied to or paid.
Mr. Bhupendra J. Shah, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sahaj Fashions Limited, the Corporate Debtor. The Financial Creditor extended an unsecured loan of Rs. 25,00,000/- to the Corporate Debtor on April 6, 2017, with a mutually agreed interest rate of 1.5% per month. The Corporate Debtor made interest payments totaling Rs. 9,37,500/- until April 2019. As of October 31, 2020, the outstanding amount, including principal and interest, was Rs. 31,75,000/-. The Corporate Debtor failed to repay this amount, leading the Financial Creditor to issue a demand notice on December 10, 2020, which went unanswered and unpaid. The Corporate
…Financial Creditor gave…
Corporate Debtor paid…