The case pertains to a Company Petition, CP (IB)-280(ND)/2022, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by GMM Barter Private Limited (Applicant/Petitioner) against Value Solar Energy Private Limited (Corporate Debtor). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment of interest on a loan.
GMM Barter Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Value Solar Energy Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in payment of interest on a loan. The loan agreement was dated 16.12.2014. The Applicant/Financial Creditor issued a recall notice on 13.10.2015. The Respondent failed to repay Rs. 6,75,00,000/- towards principal and Rs. 76,62,011/- towards interest within 10 days of the recall notice. The Respondent defaulted on two consecutive loan installments under Clause 10 of the agreement. The Respondent admitted to defaulting on the loan agreement in its reply affidavit. The Respondent paid a
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Date of the loan agreement between GMM Barter…
Value Solar Energy…
The case pertains to a Company Petition, CP (IB)-280(ND)/2022, filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by GMM Barter Private Limited (Applicant/Petitioner) against Value Solar Energy Private Limited (Corporate Debtor). The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in payment of interest on a loan.
GMM Barter Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Value Solar Energy Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in payment of interest on a loan. The loan agreement was dated 16.12.2014. The Applicant/Financial Creditor issued a recall notice on 13.10.2015. The Respondent failed to repay Rs. 6,75,00,000/- towards principal and Rs. 76,62,011/- towards interest within 10 days of the recall notice. The Respondent defaulted on two consecutive loan installments under Clause 10 of the agreement. The Respondent admitted to defaulting on the loan agreement in its reply affidavit. The Respondent paid a
…Date of the loan agreement between GMM Barter…
Value Solar Energy…