Utsav Securities Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transnational Growth Fund Limited, alleging default in payment of debt. The applicant claimed that a loan agreement was entered into between them on 2022-05-12, and they disbursed Rs. 1,37,40,000/- as an interest-bearing loan. The corporate debtor failed to make payments as per the loan agreement, resulting in a total debt of Rs. 1,46,70,321/- as of 2022-12-31. The Corporate Debtor is registered as a Non-Banking Financial Company.
Utsav Securities Private Limited ('applicant') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (‘CIRP') against Transnational Growth Fund Limited ('Respondent/Corporate Debtor'). The applicant and corporate debtor entered into a Loan Agreement on 2022-05-12. The applicant disbursed Rs. 1,37,40,000/- on different dates as an interest-bearing loan at 12% per annum. The execution of the Loan agreement was approved by the Corporate Debtor's Board Resolution dated 2022-05-02. The Corporate Debtor failed to make payments, resulting in a total debt of INR. 1,46,70,321 as of
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Corporate Debtor's…
Loan Agreement entered…
Utsav Securities Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transnational Growth Fund Limited, alleging default in payment of debt. The applicant claimed that a loan agreement was entered into between them on 2022-05-12, and they disbursed Rs. 1,37,40,000/- as an interest-bearing loan. The corporate debtor failed to make payments as per the loan agreement, resulting in a total debt of Rs. 1,46,70,321/- as of 2022-12-31. The Corporate Debtor is registered as a Non-Banking Financial Company.
Utsav Securities Private Limited ('applicant') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (‘CIRP') against Transnational Growth Fund Limited ('Respondent/Corporate Debtor'). The applicant and corporate debtor entered into a Loan Agreement on 2022-05-12. The applicant disbursed Rs. 1,37,40,000/- on different dates as an interest-bearing loan at 12% per annum. The execution of the Loan agreement was approved by the Corporate Debtor's Board Resolution dated 2022-05-02. The Corporate Debtor failed to make payments, resulting in a total debt of INR. 1,46,70,321 as of
…Corporate Debtor's…
Loan Agreement entered…