Prarthna Private Limited, the Petitioner/Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited, the Corporate Debtor, due to a default in repayment of a loan amounting to Rs. 1,25,00,000/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor had requested financial assistance from the Petitioner to meet its working capital requirements.
Prarthna Private Limited (Petitioner) sought Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited (Corporate Debtor) due to a default in repayment of a loan of Rs. 1,25,00,000/-. The Petitioner is a company dealing in steel and allied products. The Corporate Debtor requested financial assistance to meet working capital needs. On October 16, 2020, the Petitioner provided a loan of Rs. 1,25,00,000/- as an inter-corporate deposit with 12% interest. The Corporate Debtor issued letters of acceptance dated October 16, 2020, undated cheques, a promissory note, and various loan documents. The Petitioner issued a demand notice on December 5, 2020, for repayment, but the Corporate Debtor failed to repay. The Corporate Debtor admitted the
…Sign in to view the parties.
Petitioner provided a loan of Rs.…
Corporate Debto…
Sign in to view related legal provisions.
Prarthna Private Limited, the Petitioner/Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited, the Corporate Debtor, due to a default in repayment of a loan amounting to Rs. 1,25,00,000/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor had requested financial assistance from the Petitioner to meet its working capital requirements.
Prarthna Private Limited (Petitioner) sought Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited (Corporate Debtor) due to a default in repayment of a loan of Rs. 1,25,00,000/-. The Petitioner is a company dealing in steel and allied products. The Corporate Debtor requested financial assistance to meet working capital needs. On October 16, 2020, the Petitioner provided a loan of Rs. 1,25,00,000/- as an inter-corporate deposit with 12% interest. The Corporate Debtor issued letters of acceptance dated October 16, 2020, undated cheques, a promissory note, and various loan documents. The Petitioner issued a demand notice on December 5, 2020, for repayment, but the Corporate Debtor failed to repay. The Corporate Debtor admitted the
…Petitioner provided a loan of Rs.…
Corporate Debto…
Sign in to view related legal provisions.