Bharat Capital and Holdings Limited, a financier, filed an application under Section 10 of the IBC to initiate its Corporate Insolvency Resolution Process (CIRP). The company is experiencing severe financial stress, rendering it unable to repay its debts to creditors, including an unsecured loan from a Financial Creditor and outstanding dues to the Income Tax Department, an Operational Creditor.
Bharat Capital and Holdings Limited (Corporate Debtor/Applicant) filed an application under Section 10 of the IBC, 2016, seeking initiation of its Corporate Insolvency Resolution Process (CIRP).
The application was filed due to the Corporate Applicant's financial stress and inability to repay debts, being in default.
The Corporate Applicant was incorporated on 04.02.1991, engaged in business as a financier.
The Corporate Applicant availed an unsecured loan of Rs.7,50,00,000/- on a temporary basis from a Financial Creditor.
The Corporate Applicant repaid Rs.1,06,00,000/- and Rs.2,03,43,200/- of the unsecured loan.
Outstanding dues to the Financial Creditor amount to Rs.4,40,56,800/-, with the date of default being 31.03.2021.
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Bharat Capital and Holdings Limited was…
The date of default for the outstanding amount…
Bharat Capital and Holdings Limited, a financier, filed an application under Section 10 of the IBC to initiate its Corporate Insolvency Resolution Process (CIRP). The company is experiencing severe financial stress, rendering it unable to repay its debts to creditors, including an unsecured loan from a Financial Creditor and outstanding dues to the Income Tax Department, an Operational Creditor.
Bharat Capital and Holdings Limited (Corporate Debtor/Applicant) filed an application under Section 10 of the IBC, 2016, seeking initiation of its Corporate Insolvency Resolution Process (CIRP).
The application was filed due to the Corporate Applicant's financial stress and inability to repay debts, being in default.
The Corporate Applicant was incorporated on 04.02.1991, engaged in business as a financier.
The Corporate Applicant availed an unsecured loan of Rs.7,50,00,000/- on a temporary basis from a Financial Creditor.
The Corporate Applicant repaid Rs.1,06,00,000/- and Rs.2,03,43,200/- of the unsecured loan.
Outstanding dues to the Financial Creditor amount to Rs.4,40,56,800/-, with the date of default being 31.03.2021.
…Bharat Capital and Holdings Limited was…
The date of default for the outstanding amount…