Subham Capital Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vedic Realty Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached the financial creditor for loans in 2011. The financial creditor disbursed Rs. 2,00,00,000 on September 1, 2011, and Rs. 2,25,00,000 on January 6, 2012. Further disbursements were made between 2012 and 2016, totaling Rs. 18,50,00,000. The corporate debtor made payments towards the principal, with the last payment on April 7, 2021. After adjusting payments, Rs. 2,25,00,000 remained due, and with interest, the total outstanding was Rs. 2,42,65,775. A loan recall notice
…Subham Capital Private Limited (Financial Creditor) extended loans to Vedic Realty Private Limited (Corporate Debtor) starting in 2011. Initial disbursements included Rs. 2,00,00,000 on September 1, 2011, and Rs. 2,25,00,000 on January 6, 2012, with further disbursements totaling Rs. 18,50,00,000 between 2012 and 2016. The loans carried interest at agreed rates. The Corporate Debtor made payments, with the last payment on April 7, 2021. After adjusting payments, Rs. 2,25,00,000 remained due as principal, totaling Rs. 2,42,65,775 with interest. A loan recall notice was issued on March 1, 2022. An earlier Section 7 petition (C.P. (IB) No.215/KB/2022) was withdrawn following a settlement agreement on November 18, 2022, where the Corporate Debtor acknowledged its debt and
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The Corporate Debtor approached the Financial…
The Financial Creditor…
Subham Capital Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vedic Realty Private Limited, the corporate debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached the financial creditor for loans in 2011. The financial creditor disbursed Rs. 2,00,00,000 on September 1, 2011, and Rs. 2,25,00,000 on January 6, 2012. Further disbursements were made between 2012 and 2016, totaling Rs. 18,50,00,000. The corporate debtor made payments towards the principal, with the last payment on April 7, 2021. After adjusting payments, Rs. 2,25,00,000 remained due, and with interest, the total outstanding was Rs. 2,42,65,775. A loan recall notice
…Subham Capital Private Limited (Financial Creditor) extended loans to Vedic Realty Private Limited (Corporate Debtor) starting in 2011. Initial disbursements included Rs. 2,00,00,000 on September 1, 2011, and Rs. 2,25,00,000 on January 6, 2012, with further disbursements totaling Rs. 18,50,00,000 between 2012 and 2016. The loans carried interest at agreed rates. The Corporate Debtor made payments, with the last payment on April 7, 2021. After adjusting payments, Rs. 2,25,00,000 remained due as principal, totaling Rs. 2,42,65,775 with interest. A loan recall notice was issued on March 1, 2022. An earlier Section 7 petition (C.P. (IB) No.215/KB/2022) was withdrawn following a settlement agreement on November 18, 2022, where the Corporate Debtor acknowledged its debt and
…The Corporate Debtor approached the Financial…
The Financial Creditor…