The case involves an application filed by M/S Ram Chandran Traders Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Sri Ganga Steel Enterprises Pvt. Ltd. (Corporate Debtor). The Financial Creditor alleged a default of over Rupees One Crore by the Corporate Debtor.
M/S Ram Chandran Traders Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Sri Ganga Steel Enterprises Pvt. Ltd. (Corporate Debtor). The Financial Creditor and Corporate Debtor are both companies incorporated under the Companies Act, 1956. The Financial Creditor extended funds to the Corporate Debtor, which was formalized in a loan agreement dated 2019-06-10. As per the agreement, the Corporate Debtor was to pay Rs. 3,53,11,686/- in 10 equal quarterly installments. The Corporate Debtor failed to make payments, leading to a total outstanding amount of Rs. 4,85,76,422/-, including interest. The Corporate Debtor was set ex-parte after failing to appear before the Tribunal despite notices. The
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The case involves an application filed by M/S Ram Chandran Traders Pvt. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Sri Ganga Steel Enterprises Pvt. Ltd. (Corporate Debtor). The Financial Creditor alleged a default of over Rupees One Crore by the Corporate Debtor.
M/S Ram Chandran Traders Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Sri Ganga Steel Enterprises Pvt. Ltd. (Corporate Debtor). The Financial Creditor and Corporate Debtor are both companies incorporated under the Companies Act, 1956. The Financial Creditor extended funds to the Corporate Debtor, which was formalized in a loan agreement dated 2019-06-10. As per the agreement, the Corporate Debtor was to pay Rs. 3,53,11,686/- in 10 equal quarterly installments. The Corporate Debtor failed to make payments, leading to a total outstanding amount of Rs. 4,85,76,422/-, including interest. The Corporate Debtor was set ex-parte after failing to appear before the Tribunal despite notices. The
…Loan agreement between…
Installments due to be…