The case involves a petition filed by Samata Nagari Sahkari Patsanstha Maryadit (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vatavruksha Entertainment Private Limited (Corporate Debtor) due to default in repayment of a loan. The Financial Creditor had extended credit facilities to the Corporate Debtor, including a term loan and a working capital term loan. The Corporate Debtor defaulted on the repayment, leading to the filing of the petition. The Financial Creditor had previously attempted to resolve the issue by restructuring the loan and initiating legal proceedings.
Samata Nagari Sahkari Patsanstha Maryadit, a cooperative society, extended credit facilities to Vatavruksha Entertainment Private Limited, a private company incorporated on 12/03/2014. The Corporate Debtor applied for a term loan of Rs.1,25,00,000/- on 11.03.2019, which was approved by the Financial Creditor on 24.03.2019. A deed of mortgage was executed on 30.03.2019 for an additional amount of Rs.25,00,000/-. The loan amount of Rs.1,25,00,000/- was disbursed on 30.03.2019. The Corporate Debtor defaulted on the repayment of the loan, with the initial default occurring on 01.05.2019. The amount claimed to be in default as of 30.11.2021 was Rs.1,58,62,738/-. The Financial Creditor issued a final demand notice on 29.07.2019 and published summons in newspapers on
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The case involves a petition filed by Samata Nagari Sahkari Patsanstha Maryadit (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vatavruksha Entertainment Private Limited (Corporate Debtor) due to default in repayment of a loan. The Financial Creditor had extended credit facilities to the Corporate Debtor, including a term loan and a working capital term loan. The Corporate Debtor defaulted on the repayment, leading to the filing of the petition. The Financial Creditor had previously attempted to resolve the issue by restructuring the loan and initiating legal proceedings.
Samata Nagari Sahkari Patsanstha Maryadit, a cooperative society, extended credit facilities to Vatavruksha Entertainment Private Limited, a private company incorporated on 12/03/2014. The Corporate Debtor applied for a term loan of Rs.1,25,00,000/- on 11.03.2019, which was approved by the Financial Creditor on 24.03.2019. A deed of mortgage was executed on 30.03.2019 for an additional amount of Rs.25,00,000/-. The loan amount of Rs.1,25,00,000/- was disbursed on 30.03.2019. The Corporate Debtor defaulted on the repayment of the loan, with the initial default occurring on 01.05.2019. The amount claimed to be in default as of 30.11.2021 was Rs.1,58,62,738/-. The Financial Creditor issued a final demand notice on 29.07.2019 and published summons in newspapers on
…Corporate Debtor…
Financial Creditor…