Rahuraj Steel Traders 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 Siddhbali Steel and Strips Private Limited. The petitioner alleged that the corporate debtor defaulted on a payment of Rs. 1,70,00,000/- along with interest at 10% per annum from 25.02.2016 till 30.11.2019, and further interest till the date of realization. The petitioner and the corporate debtor are in the same industry, and the corporate debtor approached the petitioner for financial assistance. The corporate debtor requested a loan of Rs. 2 crores, which was later agreed upon as Rs. 1,70,00,000/- with compound interest.
Rahuraj Steel Traders Private Limited (the Petitioner), engaged in manufacturing iron and steel, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhbali Steel and Strips Private Limited (the Corporate Debtor). The Corporate Debtor, also in the same industry, requested financial assistance from the Petitioner. On 15.12.2015, the Corporate Debtor requested a loan of Rs. 2 crores, agreeing to repay with 8% interest by December 2019. The Petitioner, on 29.12.2015, agreed to loan Rs. 1,70,00,000 with 12% compound interest, repayable by 31st March 2019. On 10.01.2016, the Corporate Debtor requested a simple interest rate of 10%, repayable by 31st March 2019, which the Petitioner accepted on 25.01.2016. The Petitioner lent Rs. 1,70,00,000 on
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The Corporate Debtor requested the Petitioner…
The Petitioner agreed to loan Rs. 1,70,00,000…
Rahuraj Steel Traders 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 Siddhbali Steel and Strips Private Limited. The petitioner alleged that the corporate debtor defaulted on a payment of Rs. 1,70,00,000/- along with interest at 10% per annum from 25.02.2016 till 30.11.2019, and further interest till the date of realization. The petitioner and the corporate debtor are in the same industry, and the corporate debtor approached the petitioner for financial assistance. The corporate debtor requested a loan of Rs. 2 crores, which was later agreed upon as Rs. 1,70,00,000/- with compound interest.
Rahuraj Steel Traders Private Limited (the Petitioner), engaged in manufacturing iron and steel, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Siddhbali Steel and Strips Private Limited (the Corporate Debtor). The Corporate Debtor, also in the same industry, requested financial assistance from the Petitioner. On 15.12.2015, the Corporate Debtor requested a loan of Rs. 2 crores, agreeing to repay with 8% interest by December 2019. The Petitioner, on 29.12.2015, agreed to loan Rs. 1,70,00,000 with 12% compound interest, repayable by 31st March 2019. On 10.01.2016, the Corporate Debtor requested a simple interest rate of 10%, repayable by 31st March 2019, which the Petitioner accepted on 25.01.2016. The Petitioner lent Rs. 1,70,00,000 on
…The Corporate Debtor requested the Petitioner…
The Petitioner agreed to loan Rs. 1,70,00,000…