Awaita Properties Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tarapur Textiles Park Limited, the Corporate Debtor, for a default amount of ₹8,56,30,137. This amount includes a principal of ₹5,00,00,000 and interest of ₹3,56,30,137 calculated at 15% per annum as of 30.09.2018. The Financial Creditor disbursed a loan of ₹5,00,00,000 to the Corporate Debtor for working capital in 2013-14, repayable on demand with 15% interest. The Financial Creditor repeatedly demanded repayment from February 2016, but the Corporate Debtor failed to pay. The Corporate Debtor argued that the Financial Creditor was to enter into a joint venture through SKIL Infrastructure Ltd. and that the Corporate Debtor
…Awaita Properties Private Limited (Financial Creditor) disbursed a loan of ₹5,00,00,000 to Tarapur Textiles Park Limited (Corporate Debtor) in 2013-14 for working capital, repayable on demand with 15% interest per annum. The Financial Creditor demanded repayment from February 2016 onwards, but the Corporate Debtor failed to make any payments. A demand notice was issued on 20.02.2018. The Corporate Debtor claimed that the Financial Creditor was to enter into a joint venture through SKIL Infrastructure Ltd. for a project on land owned by the Corporate Debtor and that the Corporate Debtor incurred expenses and suffered losses due to this proposed venture. The Corporate Debtor circulated a draft MOU on 12.10.2013, but the MOU was never executed. The Financial Creditor
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Awaita Properties Private Limited disbursed a…
Awaita Properties Private Limited repeatedly…
Awaita Properties Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tarapur Textiles Park Limited, the Corporate Debtor, for a default amount of ₹8,56,30,137. This amount includes a principal of ₹5,00,00,000 and interest of ₹3,56,30,137 calculated at 15% per annum as of 30.09.2018. The Financial Creditor disbursed a loan of ₹5,00,00,000 to the Corporate Debtor for working capital in 2013-14, repayable on demand with 15% interest. The Financial Creditor repeatedly demanded repayment from February 2016, but the Corporate Debtor failed to pay. The Corporate Debtor argued that the Financial Creditor was to enter into a joint venture through SKIL Infrastructure Ltd. and that the Corporate Debtor
…Awaita Properties Private Limited (Financial Creditor) disbursed a loan of ₹5,00,00,000 to Tarapur Textiles Park Limited (Corporate Debtor) in 2013-14 for working capital, repayable on demand with 15% interest per annum. The Financial Creditor demanded repayment from February 2016 onwards, but the Corporate Debtor failed to make any payments. A demand notice was issued on 20.02.2018. The Corporate Debtor claimed that the Financial Creditor was to enter into a joint venture through SKIL Infrastructure Ltd. for a project on land owned by the Corporate Debtor and that the Corporate Debtor incurred expenses and suffered losses due to this proposed venture. The Corporate Debtor circulated a draft MOU on 12.10.2013, but the MOU was never executed. The Financial Creditor
…Awaita Properties Private Limited disbursed a…
Awaita Properties Private Limited repeatedly…