The case involves an application filed by Samata Nagari Sahkari Patsanstha Maryadit, the Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant seeks to amend Form-1 to change the date of default. The Corporate Debtor, Souvenir Developers (India) Private Limited, defaulted on the first installment due on 30.04.2022. The applicant contends that the date of default should be reckoned from the date of the demand notice, which was sent on 16.09.2022, making the payment due within 15 days, thus the date of default should be 01.10.2022 instead of 30.04.2022 as originally stated in the petition.
Samata Nagari Sahkari Patsanstha Maryadit Kopargaon (Applicant) is a Cooperative Society registered under the Maharashtra Cooperative Societies Act 1960. Souvenir Developers (India) Private Limited (Respondent) is a Private Limited Company incorporated under the Companies Act, 1956. A credit facility of Rs. 1,00,00,000/- was availed by the Respondent vide Loan Agreement dated 03.03.2022 for a period of 3 years repayable in 36 installments from the date of the Loan Agreement. The first installment fell due on 30.04.2022, but the Respondent defaulted. The Applicant issued a demand notice on 16.09.2022, requiring payment within 15 days. The Applicant initially stated the date of default as 30.04.2022 in the petition but sought to amend it to 01.10.2022, based on the
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Loan Agreement between Samata Nagari Sahkari…
First installment due…
The case involves an application filed by Samata Nagari Sahkari Patsanstha Maryadit, the Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant seeks to amend Form-1 to change the date of default. The Corporate Debtor, Souvenir Developers (India) Private Limited, defaulted on the first installment due on 30.04.2022. The applicant contends that the date of default should be reckoned from the date of the demand notice, which was sent on 16.09.2022, making the payment due within 15 days, thus the date of default should be 01.10.2022 instead of 30.04.2022 as originally stated in the petition.
Samata Nagari Sahkari Patsanstha Maryadit Kopargaon (Applicant) is a Cooperative Society registered under the Maharashtra Cooperative Societies Act 1960. Souvenir Developers (India) Private Limited (Respondent) is a Private Limited Company incorporated under the Companies Act, 1956. A credit facility of Rs. 1,00,00,000/- was availed by the Respondent vide Loan Agreement dated 03.03.2022 for a period of 3 years repayable in 36 installments from the date of the Loan Agreement. The first installment fell due on 30.04.2022, but the Respondent defaulted. The Applicant issued a demand notice on 16.09.2022, requiring payment within 15 days. The Applicant initially stated the date of default as 30.04.2022 in the petition but sought to amend it to 01.10.2022, based on the
…Loan Agreement between Samata Nagari Sahkari…
First installment due…