The case involves a petition filed by Meghdoot Corrougators & Packers Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Spectrum Aero Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor admits to the default but cites inability to repay due to the divestment of its aircraft chartering business and lack of revenue-generating activities.
Meghdoot Corrougators & Packers Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Spectrum Aero Private Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor had advanced a loan of Rs. 3,00,00,000 to the Corporate Debtor based on a loan agreement dated 09.03.2022, with an interest rate of 8% p.a. The Financial Creditor disbursed Rs. 2,57,00,000 in tranches between 23.03.2022 and 06.08.2022. The Corporate Debtor made a partial payment of Rs. 1,25,00,000 on 31.01.2023 but failed to make further payments. A notice for outstanding payment was sent on 09.08.2023, followed by a reminder on 22.08.2023. The Corporate Debtor admitted to the default, stating an inability to repay the loan due to the
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Loan agreement between Meghdoot Corrougators &…
Rs. 1,00,00,000…
The case involves a petition filed by Meghdoot Corrougators & Packers Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Spectrum Aero Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor admits to the default but cites inability to repay due to the divestment of its aircraft chartering business and lack of revenue-generating activities.
Meghdoot Corrougators & Packers Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Spectrum Aero Private Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor had advanced a loan of Rs. 3,00,00,000 to the Corporate Debtor based on a loan agreement dated 09.03.2022, with an interest rate of 8% p.a. The Financial Creditor disbursed Rs. 2,57,00,000 in tranches between 23.03.2022 and 06.08.2022. The Corporate Debtor made a partial payment of Rs. 1,25,00,000 on 31.01.2023 but failed to make further payments. A notice for outstanding payment was sent on 09.08.2023, followed by a reminder on 22.08.2023. The Corporate Debtor admitted to the default, stating an inability to repay the loan due to the
…Loan agreement between Meghdoot Corrougators &…
Rs. 1,00,00,000…