Think Hard India Private Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Seya Industries Limited, alleging default in payment. The Financial Creditor sanctioned a business loan of Rs. 152,00,00,000/- to the Corporate Debtor, which was disbursed on 06.01.2020. The aggregate outstanding amount of Rs. 432,86,16,798/- was due as of 30.04.2023. The Corporate Debtor defaulted on payment obligations around April 2022, leading to the Financial Creditor issuing an Event of Default Notice on 15.09.2022. The Corporate Debtor argued that the petition was unwarranted and that the board resolution authorizing the initiation of CIRP was defective. They also claimed
…Think Hard India Private Limited (Financial Creditor) sanctioned a business loan of Rs. 152,00,00,000/- to Seya Industries Limited (Corporate Debtor) on 09.10.2019, which was disbursed on 06.01.2020. The outstanding amount as of 30.04.2023 was Rs. 432,86,16,798/-. The loan was secured by a mortgage of land and personal/corporate guarantees. The Corporate Debtor defaulted on payments around April 2022. The Financial Creditor issued an Event of Default Notice on 15.09.2022 and statutory demand notices. No payment was received from the Corporate Debtor or Security Providers. The Financial Creditor filed Company Petitions No. 1265 and 1266 of 2022 under Section 95 of the Insolvency and Bankruptcy Code, 2016, against two of the Guarantors. An additional demand notice was
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Think Hard India Private Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Seya Industries Limited, alleging default in payment. The Financial Creditor sanctioned a business loan of Rs. 152,00,00,000/- to the Corporate Debtor, which was disbursed on 06.01.2020. The aggregate outstanding amount of Rs. 432,86,16,798/- was due as of 30.04.2023. The Corporate Debtor defaulted on payment obligations around April 2022, leading to the Financial Creditor issuing an Event of Default Notice on 15.09.2022. The Corporate Debtor argued that the petition was unwarranted and that the board resolution authorizing the initiation of CIRP was defective. They also claimed
…Think Hard India Private Limited (Financial Creditor) sanctioned a business loan of Rs. 152,00,00,000/- to Seya Industries Limited (Corporate Debtor) on 09.10.2019, which was disbursed on 06.01.2020. The outstanding amount as of 30.04.2023 was Rs. 432,86,16,798/-. The loan was secured by a mortgage of land and personal/corporate guarantees. The Corporate Debtor defaulted on payments around April 2022. The Financial Creditor issued an Event of Default Notice on 15.09.2022 and statutory demand notices. No payment was received from the Corporate Debtor or Security Providers. The Financial Creditor filed Company Petitions No. 1265 and 1266 of 2022 under Section 95 of the Insolvency and Bankruptcy Code, 2016, against two of the Guarantors. An additional demand notice was
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