Shradha Buildcon Pvt. Ltd & Anr. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Shradha Buildcon, claimed to have extended financial assistance to Vinilok Solutions, which allegedly defaulted on repayment. The corporate debtor, Vinilok Solutions, argued that its business was adversely affected by COVID-19, leading to financial difficulties. The financial creditor issued recall notices due to delayed interest payments and failure to meet business plan targets. The corporate debtor acknowledged the loan but cited business disruptions due to COVID-19 as a reason for its inability to repay.
Shradha Buildcon Pvt. Ltd & Anr. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed to have provided a loan of Rs. 10 Crore to the Corporate Debtor, with disbursement over 2 years, contingent on meeting obligations and satisfactory progress in the expansion plan, as per the loan agreement dated 27.04.2022. The loan was disbursed at an interest rate of 15% per annum, with a 12-month interest-free period starting from the first disbursement of Rs. 5 Crore on 05.07.2022. Interest began accruing from 05.07.2023. The Financial Creditor contended that interest
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Shradha Buildcon Pvt. Ltd & Anr. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Shradha Buildcon, claimed to have extended financial assistance to Vinilok Solutions, which allegedly defaulted on repayment. The corporate debtor, Vinilok Solutions, argued that its business was adversely affected by COVID-19, leading to financial difficulties. The financial creditor issued recall notices due to delayed interest payments and failure to meet business plan targets. The corporate debtor acknowledged the loan but cited business disruptions due to COVID-19 as a reason for its inability to repay.
Shradha Buildcon Pvt. Ltd & Anr. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed to have provided a loan of Rs. 10 Crore to the Corporate Debtor, with disbursement over 2 years, contingent on meeting obligations and satisfactory progress in the expansion plan, as per the loan agreement dated 27.04.2022. The loan was disbursed at an interest rate of 15% per annum, with a 12-month interest-free period starting from the first disbursement of Rs. 5 Crore on 05.07.2022. Interest began accruing from 05.07.2023. The Financial Creditor contended that interest
…Applicant No. 2 lent Rs. 1 crore to the…
Loan agreement between…