M/s. Bisco Metal & Power Private Limited, the Financial Creditor (FC), filed an application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sova Stores & Spares Private Limited, the Corporate Debtor (CD). The CD had approached the FC for a business loan of Rs. 3.50 Crore, and a loan agreement was entered into on 01.07.2022. The FC disbursed Rs. 3,41,50,000 on various dates. The CD failed to repay the loan amount within the stipulated time, leading to the FC issuing demand notices. The CD requested extensions of time to repay the loan, which were not met. The FC then filed the petition under Section 7 on 09.01.2025.
M/s. Bisco Metal & Power Private Limited (Financial Creditor) sanctioned an unsecured loan of Rs. 3.50 crore to M/s. Sova Stores & Spares Private Limited (Corporate Debtor). The Financial Creditor disbursed Rs. 3,41,50,000 on various dates between 01-08-2022 and 01-06-2023, which were confirmed by the Corporate Debtor through monthly receipts. The Financial Creditor informed the Corporate Debtor that an outstanding debt of Rs. 1,31,69,380 along with 18% interest was due on 01-01-2024. The Financial Creditor issued multiple letters requesting repayment. The Corporate Debtor requested extensions of time on 10.05.2024 and 10.08.2024. The Financial Creditor issued a demand notice on 10.12.2024. The Corporate Debtor repaid Rs. 2,09,80,620 out of Rs. 3,41,50,000. The
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The Corporate Debtor approached the Financial…
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M/s. Bisco Metal & Power Private Limited, the Financial Creditor (FC), filed an application under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sova Stores & Spares Private Limited, the Corporate Debtor (CD). The CD had approached the FC for a business loan of Rs. 3.50 Crore, and a loan agreement was entered into on 01.07.2022. The FC disbursed Rs. 3,41,50,000 on various dates. The CD failed to repay the loan amount within the stipulated time, leading to the FC issuing demand notices. The CD requested extensions of time to repay the loan, which were not met. The FC then filed the petition under Section 7 on 09.01.2025.
M/s. Bisco Metal & Power Private Limited (Financial Creditor) sanctioned an unsecured loan of Rs. 3.50 crore to M/s. Sova Stores & Spares Private Limited (Corporate Debtor). The Financial Creditor disbursed Rs. 3,41,50,000 on various dates between 01-08-2022 and 01-06-2023, which were confirmed by the Corporate Debtor through monthly receipts. The Financial Creditor informed the Corporate Debtor that an outstanding debt of Rs. 1,31,69,380 along with 18% interest was due on 01-01-2024. The Financial Creditor issued multiple letters requesting repayment. The Corporate Debtor requested extensions of time on 10.05.2024 and 10.08.2024. The Financial Creditor issued a demand notice on 10.12.2024. The Corporate Debtor repaid Rs. 2,09,80,620 out of Rs. 3,41,50,000. The
…The Corporate Debtor approached the Financial…
The Financial Creditor and Corporate Debtor…