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 on 2022-05-12, and an amount of Rs. 1,37,40,000 was disbursed. The corporate debtor failed to make payments as per the loan agreement, leading to a total debt of Rs. 1,46,70,321 as of 2022-12-31. The Corporate Debtor is registered as Non Banking Financial Company under NBFC-NDSI category.
Utsav Securities Private Limited ('applicant') filed a Company 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'). A Loan Agreement was entered between the Applicant and Corporate Debtor on 2022-05-12. The Applicant disbursed Rs.1,37,40,000/- on different dates as interest bearing loan at an interest of 12% per annum repayable after a period of six months from the date of Loan Agreement. The execution of Loan agreement dated 2022-05-12 was duly approved and supported by the Corporate Debtor's Board
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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 on 2022-05-12, and an amount of Rs. 1,37,40,000 was disbursed. The corporate debtor failed to make payments as per the loan agreement, leading to a total debt of Rs. 1,46,70,321 as of 2022-12-31. The Corporate Debtor is registered as Non Banking Financial Company under NBFC-NDSI category.
Utsav Securities Private Limited ('applicant') filed a Company 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'). A Loan Agreement was entered between the Applicant and Corporate Debtor on 2022-05-12. The Applicant disbursed Rs.1,37,40,000/- on different dates as interest bearing loan at an interest of 12% per annum repayable after a period of six months from the date of Loan Agreement. The execution of Loan agreement dated 2022-05-12 was duly approved and supported by the Corporate Debtor's Board
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Loan Agreement entered…