Covet Financial Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Frugal Developers Private Limited due to default on a loan facility agreement.
Covet Financial Services Private Limited (Applicant) disbursed a loan of Rs. 1,00,00,000/- to Frugal Developers Private Limited (Respondent) as per a Loan Facility Agreement dated 01.03.2022.
The Respondent failed to adhere to the EMI due dates, leading the Applicant to issue a default letter dated 17.06.2022.
The Respondent requested two months' time to make complete payment, which the Applicant granted, but the Respondent still failed to make the payment.
The Applicant sent a demand notice dated 30.09.2022, but the Respondent did not reply.
The Applicant sent a Loan Recall Notice dated 16.01.2023, calling upon the Respondent to repay the outstanding loan of Rs. 1,00,00,000/- along with interest at 8.25% within 10 days.
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Loan Facility Agreement was entered between…
Covet Financial Services Private Limited…
Covet Financial Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Frugal Developers Private Limited due to default on a loan facility agreement.
Covet Financial Services Private Limited (Applicant) disbursed a loan of Rs. 1,00,00,000/- to Frugal Developers Private Limited (Respondent) as per a Loan Facility Agreement dated 01.03.2022.
The Respondent failed to adhere to the EMI due dates, leading the Applicant to issue a default letter dated 17.06.2022.
The Respondent requested two months' time to make complete payment, which the Applicant granted, but the Respondent still failed to make the payment.
The Applicant sent a demand notice dated 30.09.2022, but the Respondent did not reply.
The Applicant sent a Loan Recall Notice dated 16.01.2023, calling upon the Respondent to repay the outstanding loan of Rs. 1,00,00,000/- along with interest at 8.25% within 10 days.
…Loan Facility Agreement was entered between…
Covet Financial Services Private Limited…