Svakarma Finance Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Yours Ethnic Foods Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on a default in repayment of a loan facility extended by Svakarma Finance to Yours Ethnic Foods. The financial creditor sanctioned a working capital term loan of Rs 1,10,00,000 on July 18, 2019, with an agreement executed on July 25, 2019. The loan tenure was three years, beginning August 20, 2019, and ending July 20, 2022, with a 14% interest rate. The corporate debtor availed a moratorium option offered by RBI due to COVID-19, extending the loan tenure to 38 months, with the last installment due on Feb 23, 2023. The
…Svakarma Finance Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Yours Ethnic Foods Pvt Ltd (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor sanctioned a working capital term loan of Rs 1,10,00,000 to the Corporate Debtor on July 18, 2019, with an agreement executed on July 25, 2019. The loan tenure was for three years, from August 20, 2019, to July 20, 2022, at 14% interest. The Corporate Debtor availed a moratorium due to COVID-19, extending the tenure to 38 months, with the last installment due on Feb 23, 2023. The Corporate Debtor defaulted on repayments since January 20, 2020. The Financial Creditor issued a demand notice on
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Financial creditor sanctioned a working…
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Svakarma Finance Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Yours Ethnic Foods Pvt Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on a default in repayment of a loan facility extended by Svakarma Finance to Yours Ethnic Foods. The financial creditor sanctioned a working capital term loan of Rs 1,10,00,000 on July 18, 2019, with an agreement executed on July 25, 2019. The loan tenure was three years, beginning August 20, 2019, and ending July 20, 2022, with a 14% interest rate. The corporate debtor availed a moratorium option offered by RBI due to COVID-19, extending the loan tenure to 38 months, with the last installment due on Feb 23, 2023. The
…Svakarma Finance Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Yours Ethnic Foods Pvt Ltd (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor sanctioned a working capital term loan of Rs 1,10,00,000 to the Corporate Debtor on July 18, 2019, with an agreement executed on July 25, 2019. The loan tenure was for three years, from August 20, 2019, to July 20, 2022, at 14% interest. The Corporate Debtor availed a moratorium due to COVID-19, extending the tenure to 38 months, with the last installment due on Feb 23, 2023. The Corporate Debtor defaulted on repayments since January 20, 2020. The Financial Creditor issued a demand notice on
…Financial creditor sanctioned a working…
Agreement executed…