The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by 10 applicants, collectively acting as Financial Creditors (FCs). These FCs had extended loans to VR Commodities Private Limited, the Corporate Debtor (CD). The application sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the CD due to defaults in loan repayment. The applicants claimed to have extended a total loan of Rs. 3.35 Crores to the CD for a period of five months starting from July 4, 2022, with monthly interest rates ranging from 1.75% to 2.30%. These loans were documented through Promissory Notes. The CD, in its counter, claimed that the applicants were its customers who had made advance payments for coal supply, amounting to Rs.
…Ten applicants, acting as Financial Creditors (FCs), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against VR Commodities Private Limited, the Corporate Debtor (CD), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to defaults in loan repayment. The FCs claimed to have extended loans totaling Rs. 3.35 Crores to the CD for a five-month period starting from July 4, 2022, with monthly interest rates ranging from 1.75% to 2.30%. These loans were documented through Promissory Notes. The CD acknowledged receiving Rs. 3,01,31,250 but claimed these were advances for coal supply, not loans, and that Rs. 46 lakhs had been returned. The CD also argued that the Promissory Notes were invalid because they were signed by
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Financial Creditors extended loans to VR…
Repayment dat…
The application was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by 10 applicants, collectively acting as Financial Creditors (FCs). These FCs had extended loans to VR Commodities Private Limited, the Corporate Debtor (CD). The application sought the initiation of the Corporate Insolvency Resolution Process (CIRP) against the CD due to defaults in loan repayment. The applicants claimed to have extended a total loan of Rs. 3.35 Crores to the CD for a period of five months starting from July 4, 2022, with monthly interest rates ranging from 1.75% to 2.30%. These loans were documented through Promissory Notes. The CD, in its counter, claimed that the applicants were its customers who had made advance payments for coal supply, amounting to Rs.
…Ten applicants, acting as Financial Creditors (FCs), filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) against VR Commodities Private Limited, the Corporate Debtor (CD), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to defaults in loan repayment. The FCs claimed to have extended loans totaling Rs. 3.35 Crores to the CD for a five-month period starting from July 4, 2022, with monthly interest rates ranging from 1.75% to 2.30%. These loans were documented through Promissory Notes. The CD acknowledged receiving Rs. 3,01,31,250 but claimed these were advances for coal supply, not loans, and that Rs. 46 lakhs had been returned. The CD also argued that the Promissory Notes were invalid because they were signed by
…Financial Creditors extended loans to VR…
Repayment dat…