The case pertains to an application filed by M/s. Utsav Securities Private Limited, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. VA Realcon Private Limited, the Corporate Debtor (CD). The FC claimed that the CD defaulted on a loan agreement. The CD acknowledged the debt but cited economic hardship due to COVID-19 as the reason for its inability to repay.
M/s. Utsav Securities Private Limited (Financial Creditor/Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. VA Realcon Private Limited (Corporate Debtor/Respondent). The Financial Creditor and Corporate Debtor entered into a loan agreement on 2021-02-25, where the Financial Creditor agreed to grant a loan of up to Rs. 1,30,00,000/- to the Corporate Debtor, with an interest rate of 8% per annum for a period of 6 months. The Financial Creditor disbursed the loan amount to the Corporate Debtor. The Corporate Debtor defaulted on the repayment of the loan, with the date of default being 2021-07-26. The outstanding amount, including interest, was Rs.
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Loan agreement entered into between M/s. Utsav…
M/s. VA Realcon Private…
The case pertains to an application filed by M/s. Utsav Securities Private Limited, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. VA Realcon Private Limited, the Corporate Debtor (CD). The FC claimed that the CD defaulted on a loan agreement. The CD acknowledged the debt but cited economic hardship due to COVID-19 as the reason for its inability to repay.
M/s. Utsav Securities Private Limited (Financial Creditor/Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. VA Realcon Private Limited (Corporate Debtor/Respondent). The Financial Creditor and Corporate Debtor entered into a loan agreement on 2021-02-25, where the Financial Creditor agreed to grant a loan of up to Rs. 1,30,00,000/- to the Corporate Debtor, with an interest rate of 8% per annum for a period of 6 months. The Financial Creditor disbursed the loan amount to the Corporate Debtor. The Corporate Debtor defaulted on the repayment of the loan, with the date of default being 2021-07-26. The outstanding amount, including interest, was Rs.
…Loan agreement entered into between M/s. Utsav…
M/s. VA Realcon Private…