Baba Iron Industries Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matarani Infrastructure Pvt. Ltd., the corporate debtor, due to default in repayment of a loan.
Baba Iron Industries Private Limited granted a business loan of Rs. 1,25,00,000 to Matarani Infrastructure Pvt. Ltd. at an interest rate of 15% per annum.
The loan was disbursed in installments during July 2024.
The Corporate Debtor defaulted on interest payments for the quarter ended September 30, 2024, which became due on October 7, 2024.
The Financial Creditor issued letters to the Corporate Debtor demanding payment of interest with penal interest.
The total outstanding amount against the Corporate Debtor, including principal, interest, and penal interest, was Rs. 1,48,58,356.
The Corporate Debtor acknowledged the debt but sought more time to pay interest, agreeing to an increased interest rate of 18% per annum.
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Loan agreement executed between Baba Iron…
Rs. 60,00,…
Baba Iron Industries Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matarani Infrastructure Pvt. Ltd., the corporate debtor, due to default in repayment of a loan.
Baba Iron Industries Private Limited granted a business loan of Rs. 1,25,00,000 to Matarani Infrastructure Pvt. Ltd. at an interest rate of 15% per annum.
The loan was disbursed in installments during July 2024.
The Corporate Debtor defaulted on interest payments for the quarter ended September 30, 2024, which became due on October 7, 2024.
The Financial Creditor issued letters to the Corporate Debtor demanding payment of interest with penal interest.
The total outstanding amount against the Corporate Debtor, including principal, interest, and penal interest, was Rs. 1,48,58,356.
The Corporate Debtor acknowledged the debt but sought more time to pay interest, agreeing to an increased interest rate of 18% per annum.
…Loan agreement executed between Baba Iron…
Rs. 60,00,…