M/S. Sadhana City Homes Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor argued that the default was due to the COVID-19 pandemic and sought more time to repay the debt. The Financial Creditor refuted this, stating that no payments had been made and the Corporate Debtor had admitted to being in default.
M/S. Sadhana City Homes Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited (Corporate Debtor). The application was filed on 21.10.2023. The Financial Creditor claimed a total financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor was incorporated on 06.09.2006 and is engaged in land aggregation and construction. In 2016, the Corporate Debtor approached the Financial Creditor for a loan for working capital. A loan agreement was signed on 01.05.2017, with an interest rate of 2% per month. The Financial Creditor issued payments totaling Rs. 1,10,00,000/- through RTGS. Due to the COVID-19 pandemic, the
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M/S. Vayu Putra…
In 2016, the Corporate Debtor approached the…
M/S. Sadhana City Homes Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor argued that the default was due to the COVID-19 pandemic and sought more time to repay the debt. The Financial Creditor refuted this, stating that no payments had been made and the Corporate Debtor had admitted to being in default.
M/S. Sadhana City Homes Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited (Corporate Debtor). The application was filed on 21.10.2023. The Financial Creditor claimed a total financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor was incorporated on 06.09.2006 and is engaged in land aggregation and construction. In 2016, the Corporate Debtor approached the Financial Creditor for a loan for working capital. A loan agreement was signed on 01.05.2017, with an interest rate of 2% per month. The Financial Creditor issued payments totaling Rs. 1,10,00,000/- through RTGS. Due to the COVID-19 pandemic, the
…M/S. Vayu Putra…
In 2016, the Corporate Debtor approached the…