A Company Petition was filed on 14.02.2020 under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Indus Container Lines Private Limited (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Virat Global Logistics Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on loan repayments due on 22.02.2018 and 11.03.2018.
Indus Container Lines Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against Virat Global Logistics Private Limited.
The Corporate Debtor allegedly defaulted on loan repayments due on 22.02.2018 and 11.03.2018.
The Financial Creditor and Corporate Debtor executed a Revolving Loan Agreement (RLA) on 01.12.2015.
The Corporate Debtor issued Post Dated Cheques (PDC) for repayment of the loan with interest.
The Financial Creditor disbursed loans amounting to ₹80,00,000/- under the RLA.
The Corporate Debtor approached the Financial Creditor for an additional loan of ₹10,00,000/- on 27.04.2016.
A new RLA was executed on 28.04.2016 for a credit limit of ₹40,00,000/-.
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Company Petition filed under Section 7 of…
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A Company Petition was filed on 14.02.2020 under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Indus Container Lines Private Limited (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Virat Global Logistics Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on loan repayments due on 22.02.2018 and 11.03.2018.
Indus Container Lines Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against Virat Global Logistics Private Limited.
The Corporate Debtor allegedly defaulted on loan repayments due on 22.02.2018 and 11.03.2018.
The Financial Creditor and Corporate Debtor executed a Revolving Loan Agreement (RLA) on 01.12.2015.
The Corporate Debtor issued Post Dated Cheques (PDC) for repayment of the loan with interest.
The Financial Creditor disbursed loans amounting to ₹80,00,000/- under the RLA.
The Corporate Debtor approached the Financial Creditor for an additional loan of ₹10,00,000/- on 27.04.2016.
A new RLA was executed on 28.04.2016 for a credit limit of ₹40,00,000/-.
…Company Petition filed under Section 7 of…
Both parties ex…