Shashwat Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Labhanshi Agritech Private Limited, the corporate debtor, due to a default in repayment of a financial debt.
Shashwat Enterprises, through its sole proprietor Pushpendra Jain, extended a short-term unsecured loan to Labhanshi Agritech Private Limited.
A Loan Agreement dated 04.12.2024 was executed, with the loan amount to be disbursed by 31.12.2024 and repaid by 31.03.2025 with interest at 1.5% per month and an additional 3% penal interest in case of default.
The applicant disbursed Rs. 2,27,00,000/- in various tranches via banking channel.
The corporate debtor defaulted in repaying the outstanding principal along with accrued interest on 31.03.2025.
The Financial Creditor issued multiple reminders and a Demand Letter dated 26.05.2025.
The corporate debtor acknowledged its liability qua the outstanding dues in a letter dated 26.06.2025.
…Sign in to view the parties.
Loan Agreement executed between Shashwat…
Rs. 65,00,000/-…
Shashwat Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Labhanshi Agritech Private Limited, the corporate debtor, due to a default in repayment of a financial debt.
Shashwat Enterprises, through its sole proprietor Pushpendra Jain, extended a short-term unsecured loan to Labhanshi Agritech Private Limited.
A Loan Agreement dated 04.12.2024 was executed, with the loan amount to be disbursed by 31.12.2024 and repaid by 31.03.2025 with interest at 1.5% per month and an additional 3% penal interest in case of default.
The applicant disbursed Rs. 2,27,00,000/- in various tranches via banking channel.
The corporate debtor defaulted in repaying the outstanding principal along with accrued interest on 31.03.2025.
The Financial Creditor issued multiple reminders and a Demand Letter dated 26.05.2025.
The corporate debtor acknowledged its liability qua the outstanding dues in a letter dated 26.06.2025.
…Loan Agreement executed between Shashwat…
Rs. 65,00,000/-…