Rangan Projects Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suyash Finovest Private Limited, the Corporate Debtor, due to a default in repayment of a loan.
Rangan Projects Private Limited claimed to be a Financial Creditor.
Suyash Finovest Private Limited is the Corporate Debtor.
A loan agreement was entered into between the Financial Creditor and the Corporate Debtor on February 13, 2023, for Rs. 1,00,00,000/- with 8% interest.
The Corporate Debtor failed to repay the loan amount and accrued interest by March 31, 2023.
The parties entered into an agreement on April 01, 2023, extending the tenure of the loan to March 31, 2024.
The Corporate Debtor issued account confirmations acknowledging its liability.
The Financial Creditor issued multiple notices requesting repayment.
The Corporate Debtor acknowledged the debt but cited financial crisis and sought further time.
The Corporate Debtor defaulted in repaying the loan with interest.
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Loan Agreement dated…
Corporate Debtor failed…
Rangan Projects Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Suyash Finovest Private Limited, the Corporate Debtor, due to a default in repayment of a loan.
Rangan Projects Private Limited claimed to be a Financial Creditor.
Suyash Finovest Private Limited is the Corporate Debtor.
A loan agreement was entered into between the Financial Creditor and the Corporate Debtor on February 13, 2023, for Rs. 1,00,00,000/- with 8% interest.
The Corporate Debtor failed to repay the loan amount and accrued interest by March 31, 2023.
The parties entered into an agreement on April 01, 2023, extending the tenure of the loan to March 31, 2024.
The Corporate Debtor issued account confirmations acknowledging its liability.
The Financial Creditor issued multiple notices requesting repayment.
The Corporate Debtor acknowledged the debt but cited financial crisis and sought further time.
The Corporate Debtor defaulted in repaying the loan with interest.
…Loan Agreement dated…
Corporate Debtor failed…