Chaitanya Manufacturers Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Venkateshwar Vyawsay Private Limited, alleging default on an Inter-Corporate Deposit (ICD).
Chaitanya Manufacturers Private Limited (Financial Creditor) provided an Inter-Corporate Deposit (ICD) of Rs.5,00,000/- to Venkateshwar Vyawsay Private Limited (Corporate Debtor).
The ICD carried a simple interest rate of 18% per annum.
The date of default was 14 August, 2019.
The Corporate Debtor acknowledged the loan via a letter dated 15 May, 2019.
An Inter-Corporate Deposit Agreement was entered into between the parties on 17 May, 2019.
The Corporate Debtor failed to pay the principal amount along with interest.
The Financial Creditor sent demand notices on 23 August, 2019, 04 September, 2019 and 15 October, 2019, but received no payment or reply.
The Corporate Debtor's balance sheets showed sufficient funds and significant loans and advances given to others.
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The present Petition…
Date of heari…
Chaitanya Manufacturers Private Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Venkateshwar Vyawsay Private Limited, alleging default on an Inter-Corporate Deposit (ICD).
Chaitanya Manufacturers Private Limited (Financial Creditor) provided an Inter-Corporate Deposit (ICD) of Rs.5,00,000/- to Venkateshwar Vyawsay Private Limited (Corporate Debtor).
The ICD carried a simple interest rate of 18% per annum.
The date of default was 14 August, 2019.
The Corporate Debtor acknowledged the loan via a letter dated 15 May, 2019.
An Inter-Corporate Deposit Agreement was entered into between the parties on 17 May, 2019.
The Corporate Debtor failed to pay the principal amount along with interest.
The Financial Creditor sent demand notices on 23 August, 2019, 04 September, 2019 and 15 October, 2019, but received no payment or reply.
The Corporate Debtor's balance sheets showed sufficient funds and significant loans and advances given to others.
…The present Petition…
Date of heari…