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 (CIRP) against Frugal Developers Private Limited.
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, which was duly received by the Respondent on 23.01.2023.
…Sign in to view the parties.
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 (CIRP) against Frugal Developers Private Limited.
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, which was duly received by the Respondent on 23.01.2023.
…Loan Facility Agreement was entered between…
Covet Financial Services Private Limited…