Capri Global Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, alleging default on financial debt. The Financial Creditor and Corporate Debtor entered into a Facility Agreement on 31.08.2015, with further loan agreements executed subsequently. The Corporate Debtor's account was declared Non-Performing Asset (NPA) on 05.12.2020. A demand notice was issued on 24.05.2021, with the Financial Creditor claiming the date of default as 01.08.2021.
Capri Global Capital Limited (Financial Creditor) extended financial assistance to Silver Jubilee Motors Limited (Corporate Debtor) through a Facility Agreement dated 31.08.2015 for Rs.3,50,00,000/-. Further, on 31.08.2016, another loan agreement was executed for Rs.82,25,000/- against property by deposit of title deeds. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 05.12.2020. The Financial Creditor issued a Demand Notice on 24.05.2021, requiring payment of Rs.3,33,86,733/- within 60 days. The Corporate Debtor failed to make the payment, and the Financial Creditor considered 01.08.2021 as the date of default. The Corporate Debtor argued that the default should be reckoned from the date of NPA declaration, which falls
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Capri Global Capital Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Silver Jubilee Motors Limited, alleging default on financial debt. The Financial Creditor and Corporate Debtor entered into a Facility Agreement on 31.08.2015, with further loan agreements executed subsequently. The Corporate Debtor's account was declared Non-Performing Asset (NPA) on 05.12.2020. A demand notice was issued on 24.05.2021, with the Financial Creditor claiming the date of default as 01.08.2021.
Capri Global Capital Limited (Financial Creditor) extended financial assistance to Silver Jubilee Motors Limited (Corporate Debtor) through a Facility Agreement dated 31.08.2015 for Rs.3,50,00,000/-. Further, on 31.08.2016, another loan agreement was executed for Rs.82,25,000/- against property by deposit of title deeds. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 05.12.2020. The Financial Creditor issued a Demand Notice on 24.05.2021, requiring payment of Rs.3,33,86,733/- within 60 days. The Corporate Debtor failed to make the payment, and the Financial Creditor considered 01.08.2021 as the date of default. The Corporate Debtor argued that the default should be reckoned from the date of NPA declaration, which falls
…Financial Creditor and Corporate Debtor entered…
Another loan agreement was executed between…