The case pertains to a Company Petition (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 defaults in payment of interest on a loan.
GMM Barter Private Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Value Solar Energy Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay a principal amount of Rs. 6,75,00,000/- and an interest of Rs. 76,62,011/- as stipulated under a Loan Agreement dated 16.12.2014. A recall notice was issued on 13.10.2015. The Corporate Debtor defaulted on two consecutive installments of loan repayment and interest, leading the Applicant to recall the amount. The Corporate Debtor admitted to the default in its reply affidavit. The Corporate Debtor had paid a monthly installment of Rs. 12,58,274/- in March 2015 but faced financial constraints
…Sign in to view the parties.
Date of the Loan…
The Corporate Debtor…
The case pertains to a Company Petition (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 defaults in payment of interest on a loan.
GMM Barter Private Limited, the Applicant/Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Value Solar Energy Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay a principal amount of Rs. 6,75,00,000/- and an interest of Rs. 76,62,011/- as stipulated under a Loan Agreement dated 16.12.2014. A recall notice was issued on 13.10.2015. The Corporate Debtor defaulted on two consecutive installments of loan repayment and interest, leading the Applicant to recall the amount. The Corporate Debtor admitted to the default in its reply affidavit. The Corporate Debtor had paid a monthly installment of Rs. 12,58,274/- in March 2015 but faced financial constraints
…Date of the Loan…
The Corporate Debtor…