SREI Equipment Finance Limited, the Financial Creditor (FC), filed a Company Petition against Vijay Engineering Equipment India Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 149,28,72,738. The FC claimed to have extended credit facilities of Rs. 100 Crores to the CD through 12 Master Facility Agreements dated 01.10.2018, secured by hypothecation deeds. The CD denied the debt, asserting full repayment of Rs. 100 Crores, supported by bank statements.
SREI Equipment Finance Limited (FC), a non-banking financial company, filed a petition against Vijay Engineering Equipment India Private Limited (CD) to initiate CIRP, claiming a default of Rs. 149,28,72,738. The FC had extended credit facilities of Rs. 100 Crores to the CD through 12 Master Facility Agreements dated 01.10.2018, secured by hypothecation deeds. The CD denied the debt, asserting full repayment of Rs. 100 Crores in various tranches between 05.09.2018 and 28.12.2018, supported by bank statements. A demand notice was issued on 10.11.2021, which was received by the CD, but no reply was issued. The FC filed a ledger account showing the debt, while the CD relied on bank statements indicating complete repayment. The CD also argued that the FC had filed a
…Sign in to view the parties.
SREI Equipment Finance Limited extended…
Vijay Engineering Equipment India Private…
SREI Equipment Finance Limited, the Financial Creditor (FC), filed a Company Petition against Vijay Engineering Equipment India Private Limited, the Corporate Debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 149,28,72,738. The FC claimed to have extended credit facilities of Rs. 100 Crores to the CD through 12 Master Facility Agreements dated 01.10.2018, secured by hypothecation deeds. The CD denied the debt, asserting full repayment of Rs. 100 Crores, supported by bank statements.
SREI Equipment Finance Limited (FC), a non-banking financial company, filed a petition against Vijay Engineering Equipment India Private Limited (CD) to initiate CIRP, claiming a default of Rs. 149,28,72,738. The FC had extended credit facilities of Rs. 100 Crores to the CD through 12 Master Facility Agreements dated 01.10.2018, secured by hypothecation deeds. The CD denied the debt, asserting full repayment of Rs. 100 Crores in various tranches between 05.09.2018 and 28.12.2018, supported by bank statements. A demand notice was issued on 10.11.2021, which was received by the CD, but no reply was issued. The FC filed a ledger account showing the debt, while the CD relied on bank statements indicating complete repayment. The CD also argued that the FC had filed a
…SREI Equipment Finance Limited extended…
Vijay Engineering Equipment India Private…