The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Ashok Jindal (Financial Creditor/Petitioner) against Tarun Alloys Limited (Corporate Debtor/Respondent) for initiation of Corporate Insolvency Resolution Process (CIRP).
Ashok Jindal, the Financial Creditor, filed an application under Section 7 of the IBC against Tarun Alloys Limited, the Corporate Debtor.
Tarun Alloys Limited availed credit facilities from Canara Bank, which became irregular.
The Corporate Debtor approached the Financial Creditor for financial assistance to comply with the terms of an OTS with Canara Bank.
The Financial Creditor issued five cheques totaling Rs. 50,00,000/- to Canara Bank on behalf of the Corporate Debtor, which were encashed.
A Loan Agreement dated 10.06.2021 was executed between the parties, stipulating repayment of Rs. 50,00,000/- with 18% interest.
The Corporate Debtor failed to discharge its liability, leading to a demand notice for Rs. 1,21,09,516/-.
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Tarun Alloys Limited…
Financial Creditor issued five cheques dated…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Ashok Jindal (Financial Creditor/Petitioner) against Tarun Alloys Limited (Corporate Debtor/Respondent) for initiation of Corporate Insolvency Resolution Process (CIRP).
Ashok Jindal, the Financial Creditor, filed an application under Section 7 of the IBC against Tarun Alloys Limited, the Corporate Debtor.
Tarun Alloys Limited availed credit facilities from Canara Bank, which became irregular.
The Corporate Debtor approached the Financial Creditor for financial assistance to comply with the terms of an OTS with Canara Bank.
The Financial Creditor issued five cheques totaling Rs. 50,00,000/- to Canara Bank on behalf of the Corporate Debtor, which were encashed.
A Loan Agreement dated 10.06.2021 was executed between the parties, stipulating repayment of Rs. 50,00,000/- with 18% interest.
The Corporate Debtor failed to discharge its liability, leading to a demand notice for Rs. 1,21,09,516/-.
…Tarun Alloys Limited…
Financial Creditor issued five cheques dated…