Rosa Power Supply Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adhar Project Management and Consultancy Private Limited, the Corporate Debtor, due to default on Inter Corporate Deposits (ICD).
The Corporate Debtor availed financial assistance through Inter Corporate Deposits (ICD) from Reliance Power Limited, the Original Lender, vide Term Sheet dated 30.04.2019.
The 'repayment schedule' of the ICD was extended for an additional period of 360 days from the date of execution of Supplementary Term Sheet dated 24.04.2020.
The Original Lender issued a Demand Notice on 01.03.2022, calling upon the Corporate Debtor to repay Rs. 69,35,30,822/-.
The Original Lender transferred and assigned its right, title, and interest in the receivables of the Corporate Debtor to Rosa Power Supply Company Limited vide Assignment Agreement dated 06.02.2023.
The amount of default claimed by the Financial Creditor is Rs. 86,46,23,288/-.
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Term Sheet was executed between Reliance Power…
Supplementary Term…
Rosa Power Supply Company Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Adhar Project Management and Consultancy Private Limited, the Corporate Debtor, due to default on Inter Corporate Deposits (ICD).
The Corporate Debtor availed financial assistance through Inter Corporate Deposits (ICD) from Reliance Power Limited, the Original Lender, vide Term Sheet dated 30.04.2019.
The 'repayment schedule' of the ICD was extended for an additional period of 360 days from the date of execution of Supplementary Term Sheet dated 24.04.2020.
The Original Lender issued a Demand Notice on 01.03.2022, calling upon the Corporate Debtor to repay Rs. 69,35,30,822/-.
The Original Lender transferred and assigned its right, title, and interest in the receivables of the Corporate Debtor to Rosa Power Supply Company Limited vide Assignment Agreement dated 06.02.2023.
The amount of default claimed by the Financial Creditor is Rs. 86,46,23,288/-.
…Term Sheet was executed between Reliance Power…
Supplementary Term…