Mrs. Karuna Chaturvedi (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Aakriti Landcon Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in payment of Rs. 1,28,87,000/-, which included principal and interest. A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022, with an agreed interest rate of 18% per annum and a grace period for repayment until 30.09.2025. The Corporate Debtor disputed the nature of the debt as 'financial debt', the enforceability of the loan agreement due to insufficient stamp duty, the satisfaction of the threshold limit for Section 7, the levy of penal interest, and contended that the
…Mrs. Karuna Chaturvedi (Petitioner/Financial Creditor) extended financial assistance to Aakriti Landcon Private Limited (Respondent/Corporate Debtor) in the ordinary course of business.
The Corporate Debtor approached the Financial Creditor in 2022 for a loan facility for business purposes.
A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022 between the Financial Creditor and the Corporate Debtor, acting through its Director, Shri Naresh Sharma.
Under the loan agreement, the principal amount was repayable in a lump sum with 18% p.a. simple interest on or before 31.08.2025, subject to a grace period extending up to 30.09.2025.
…Sign in to view the parties.
Loan Agreement for Rs. 76,00,000/- executed…
Second tranche of Rs.…
Mrs. Karuna Chaturvedi (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Aakriti Landcon Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in payment of Rs. 1,28,87,000/-, which included principal and interest. A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022, with an agreed interest rate of 18% per annum and a grace period for repayment until 30.09.2025. The Corporate Debtor disputed the nature of the debt as 'financial debt', the enforceability of the loan agreement due to insufficient stamp duty, the satisfaction of the threshold limit for Section 7, the levy of penal interest, and contended that the
…Mrs. Karuna Chaturvedi (Petitioner/Financial Creditor) extended financial assistance to Aakriti Landcon Private Limited (Respondent/Corporate Debtor) in the ordinary course of business.
The Corporate Debtor approached the Financial Creditor in 2022 for a loan facility for business purposes.
A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022 between the Financial Creditor and the Corporate Debtor, acting through its Director, Shri Naresh Sharma.
Under the loan agreement, the principal amount was repayable in a lump sum with 18% p.a. simple interest on or before 31.08.2025, subject to a grace period extending up to 30.09.2025.
…Loan Agreement for Rs. 76,00,000/- executed…
Second tranche of Rs.…