Intec Capital Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Technokolla (India) Private Limited, alleging default on a financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award to demonstrate the existence of the debt and default.
Technokolla (India) Private Limited approached Intec Capital Limited for a loan of Rs. 99,76,188/- to purchase multiple machines, which was secured by hypothecation. Intec Capital sanctioned the loan on 2014-12-29. A loan agreement was executed on 2014-12-31 for Rs. 99,73,188/-. A charge was registered with the registrar of companies on 2014-12-31, giving Intec Capital a first and exclusive charge on the machinery financed. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- for 60 months. Technokolla defaulted on the repayment schedule, leading to legal proceedings. Intec Capital issued a notice of Loan Recall cum Arbitration on 2016-03-01. Arbitration proceedings commenced, and an award was passed
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Loan Sanction Letter issued by Intec Capital…
Loan Agreement executed between Intec Capital…
Intec Capital Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Technokolla (India) Private Limited, alleging default on a financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award to demonstrate the existence of the debt and default.
Technokolla (India) Private Limited approached Intec Capital Limited for a loan of Rs. 99,76,188/- to purchase multiple machines, which was secured by hypothecation. Intec Capital sanctioned the loan on 2014-12-29. A loan agreement was executed on 2014-12-31 for Rs. 99,73,188/-. A charge was registered with the registrar of companies on 2014-12-31, giving Intec Capital a first and exclusive charge on the machinery financed. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- for 60 months. Technokolla defaulted on the repayment schedule, leading to legal proceedings. Intec Capital issued a notice of Loan Recall cum Arbitration on 2016-03-01. Arbitration proceedings commenced, and an award was passed
…Loan Sanction Letter issued by Intec Capital…
Loan Agreement executed between Intec Capital…