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 interest for the quarter ended September 30, 2024, became due on October 7, 2024, but was not serviced.
The Financial Creditor issued letters in December 2024 and February 2025 for payment of interest with penal interest.
The Corporate Debtor failed to repay the interest despite reminders.
The total outstanding amount against the Corporate Debtor was Rs. 1,48,58,356/- as of the date of default, which includes principal, interest, and penal interest.
The date of default was October 7, 2024.
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Loan agreement executed between Baba Iron…
Rs. 60,00,000/-…
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 interest for the quarter ended September 30, 2024, became due on October 7, 2024, but was not serviced.
The Financial Creditor issued letters in December 2024 and February 2025 for payment of interest with penal interest.
The Corporate Debtor failed to repay the interest despite reminders.
The total outstanding amount against the Corporate Debtor was Rs. 1,48,58,356/- as of the date of default, which includes principal, interest, and penal interest.
The date of default was October 7, 2024.
…Loan agreement executed between Baba Iron…
Rs. 60,00,000/-…