Shriram Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bafna Motors Ratnagiri Private Limited due to a default on a loan agreement.
Shriram Finance Limited (formerly Shriram City Union Finance Limited) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bafna Motors Ratnagiri Private Limited.
The Corporate Debtor availed a loan of Rs. 5,00,00,000/- from Shriram City Union Finance Limited vide Loan Agreement dated 27.03.2018, repayable in 60 monthly installments.
The Corporate Debtor defaulted in payment of the monthly installment due for September 2021, i.e., on 27.09.2021.
The total amount claimed to be in default was Rs. 6,17,15,056/- as on 09.05.2022.
The Financial Creditor issued a Demand Notice dated 09.05.2022 for demanding repayment of the outstanding amount.
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Loan Agreement between Shriram City Union…
Corporate Debtor…
Shriram Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bafna Motors Ratnagiri Private Limited due to a default on a loan agreement.
Shriram Finance Limited (formerly Shriram City Union Finance Limited) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bafna Motors Ratnagiri Private Limited.
The Corporate Debtor availed a loan of Rs. 5,00,00,000/- from Shriram City Union Finance Limited vide Loan Agreement dated 27.03.2018, repayable in 60 monthly installments.
The Corporate Debtor defaulted in payment of the monthly installment due for September 2021, i.e., on 27.09.2021.
The total amount claimed to be in default was Rs. 6,17,15,056/- as on 09.05.2022.
The Financial Creditor issued a Demand Notice dated 09.05.2022 for demanding repayment of the outstanding amount.
…Loan Agreement between Shriram City Union…
Corporate Debtor…