The case involves an application filed by Interglobe Finance Limited, the Financial Creditor, against Shah Group Builders & Infraprojects Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs. 1,48,91,068/-, including a principal amount of Rs. 1,09,49,315/- and interest of Rs. 39,41,753/-. The Date of Default was mentioned as 15.07.2019, and the Petition was filed on 04.10.2021.
Interglobe Finance Limited, a listed NBFC, extended a business loan of Rs. 2,00,00,000 to Shah Group Builders & Infraprojects Limited. The loan, disbursed on 03.06.2014, was extended multiple times. The Corporate Debtor issued post-dated cheques to the Financial Creditor as security for the loan amount, which were subsequently dishonoured. The Financial Creditor initiated legal action under Section 138 of the Negotiable Instruments Act due to the dishonoured cheques. A prior Company Application was filed by the Financial Creditor to recover the outstanding debt of Rs. 2,69,49,315/-, which included principal and interest as of 05.03.2018. A settlement agreement was reached between the parties, resulting in the withdrawal of the Company Application. As part of the
…Sign in to view the parties.
Financial Creditor…
Loan Agreement dated…
The case involves an application filed by Interglobe Finance Limited, the Financial Creditor, against Shah Group Builders & Infraprojects Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs. 1,48,91,068/-, including a principal amount of Rs. 1,09,49,315/- and interest of Rs. 39,41,753/-. The Date of Default was mentioned as 15.07.2019, and the Petition was filed on 04.10.2021.
Interglobe Finance Limited, a listed NBFC, extended a business loan of Rs. 2,00,00,000 to Shah Group Builders & Infraprojects Limited. The loan, disbursed on 03.06.2014, was extended multiple times. The Corporate Debtor issued post-dated cheques to the Financial Creditor as security for the loan amount, which were subsequently dishonoured. The Financial Creditor initiated legal action under Section 138 of the Negotiable Instruments Act due to the dishonoured cheques. A prior Company Application was filed by the Financial Creditor to recover the outstanding debt of Rs. 2,69,49,315/-, which included principal and interest as of 05.03.2018. A settlement agreement was reached between the parties, resulting in the withdrawal of the Company Application. As part of the
…Financial Creditor…
Loan Agreement dated…