Intec Capital Limited, the 'Petitioner', filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Technokolla (India) Private Limited, the 'Corporate Debtor', due to an unresolved financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents demonstrating the existence of the debt, including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award.
The Petitioner, Intec Capital Limited, sought to initiate CIRP against the Respondent, Technokolla (India) Private Limited, due to an outstanding financial debt. The Respondent approached the Petitioner for a loan of Rs. 99,76,188/- to purchase machinery, secured by hypothecation. The loan was sanctioned 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 the Petitioner a first and exclusive charge on the financed machinery. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- over 60 months. The Respondent defaulted on repayments, leading to legal proceedings. The Petitioner issued a loan recall
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Loan Sanction Letter…
Loan Agreement executed…
Intec Capital Limited, the 'Petitioner', filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Technokolla (India) Private Limited, the 'Corporate Debtor', due to an unresolved financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents demonstrating the existence of the debt, including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award.
The Petitioner, Intec Capital Limited, sought to initiate CIRP against the Respondent, Technokolla (India) Private Limited, due to an outstanding financial debt. The Respondent approached the Petitioner for a loan of Rs. 99,76,188/- to purchase machinery, secured by hypothecation. The loan was sanctioned 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 the Petitioner a first and exclusive charge on the financed machinery. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- over 60 months. The Respondent defaulted on repayments, leading to legal proceedings. The Petitioner issued a loan recall
…Loan Sanction Letter…
Loan Agreement executed…