SREI Equipment Finance Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vijaya Mining Private Limited, the Corporate Debtor, due to alleged default in repayment of a loan. The Financial Creditor claimed that the Corporate Debtor failed to repay installments despite receiving loan disbursements. The Corporate Debtor, however, contended that it had repaid the principal amount of Rs. 10 crores on the same day the loan was availed.
SREI Equipment Finance Ltd (Financial Creditor) extended credit facilities to M/s Vijaya Mining Private Limited (Corporate Debtor) through a loan agreement dated 2020-03-05, amounting to Rs. 10 crores. The Corporate Debtor allegedly failed to make repayments, leading the Financial Creditor to issue a demand notice on 2021-12-09 for Rs. 13,76,53,539/-. The Corporate Debtor claimed to have repaid Rs. 10 crores on 2020-03-18, the same day the loan was availed. The Financial Creditor did not disclose this repayment in its application under Section 7 of the IBC. The Corporate Debtor argued that the Financial Creditor's claim for interest and other charges was unsustainable, given the repayment of the principal amount. The Financial Creditor contended that the repayment was
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SREI Equipment Finance Ltd extended credit…
M/s Vijaya Mining Private Limited claimed to…
SREI Equipment Finance Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Vijaya Mining Private Limited, the Corporate Debtor, due to alleged default in repayment of a loan. The Financial Creditor claimed that the Corporate Debtor failed to repay installments despite receiving loan disbursements. The Corporate Debtor, however, contended that it had repaid the principal amount of Rs. 10 crores on the same day the loan was availed.
SREI Equipment Finance Ltd (Financial Creditor) extended credit facilities to M/s Vijaya Mining Private Limited (Corporate Debtor) through a loan agreement dated 2020-03-05, amounting to Rs. 10 crores. The Corporate Debtor allegedly failed to make repayments, leading the Financial Creditor to issue a demand notice on 2021-12-09 for Rs. 13,76,53,539/-. The Corporate Debtor claimed to have repaid Rs. 10 crores on 2020-03-18, the same day the loan was availed. The Financial Creditor did not disclose this repayment in its application under Section 7 of the IBC. The Corporate Debtor argued that the Financial Creditor's claim for interest and other charges was unsustainable, given the repayment of the principal amount. The Financial Creditor contended that the repayment was
…SREI Equipment Finance Ltd extended credit…
M/s Vijaya Mining Private Limited claimed to…