H.B. Traders Private Limited, the Financial Creditor, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Bhagirathi Agro Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had approached them for financial assistance of Rs. 20,00,000/- in April 2018, agreeing to pay interest at 15% per annum for a period of 120 days. The Financial Creditor disbursed the amount on April 23, 2018. Upon expiry of the 120-day period, the Corporate Debtor defaulted on the principal amount. A cheque of Rs. 96,000/- was issued towards interest payment, which was honored. However, the Corporate Debtor defaulted on both principal and
…H.B. Traders Private Limited (Financial Creditor) provided a loan of Rs. 20,00,000/- to Shree Bhagirathi Agro Private Limited (Corporate Debtor) in April 2018. The agreed interest rate was 15% per annum for 120 days. The Corporate Debtor defaulted on the principal amount after the 120-day period. A cheque of Rs. 96,000/- was issued by the Corporate Debtor towards interest payment, which was honored on September 6, 2018. The Corporate Debtor subsequently defaulted on both principal and interest payments. As of April 30, 2019, the total amount due was Rs. 21,98,908/-. A demand notice was issued on April 30, 2019, but no payment was made. The Corporate Debtor acknowledged the debt through an acknowledgment receipt dated April 23, 2018, and a subsequent settlement
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Corporate Debtor approached Financial…
Financial Creditor paid…
H.B. Traders Private Limited, the Financial Creditor, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shree Bhagirathi Agro Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had approached them for financial assistance of Rs. 20,00,000/- in April 2018, agreeing to pay interest at 15% per annum for a period of 120 days. The Financial Creditor disbursed the amount on April 23, 2018. Upon expiry of the 120-day period, the Corporate Debtor defaulted on the principal amount. A cheque of Rs. 96,000/- was issued towards interest payment, which was honored. However, the Corporate Debtor defaulted on both principal and
…H.B. Traders Private Limited (Financial Creditor) provided a loan of Rs. 20,00,000/- to Shree Bhagirathi Agro Private Limited (Corporate Debtor) in April 2018. The agreed interest rate was 15% per annum for 120 days. The Corporate Debtor defaulted on the principal amount after the 120-day period. A cheque of Rs. 96,000/- was issued by the Corporate Debtor towards interest payment, which was honored on September 6, 2018. The Corporate Debtor subsequently defaulted on both principal and interest payments. As of April 30, 2019, the total amount due was Rs. 21,98,908/-. A demand notice was issued on April 30, 2019, but no payment was made. The Corporate Debtor acknowledged the debt through an acknowledgment receipt dated April 23, 2018, and a subsequent settlement
…Corporate Debtor approached Financial…
Financial Creditor paid…