The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Akshay Kumar Rout (Prop. of Jagannath Traders) against Indo Laminates Pvt. Ltd. for an alleged default amount of Rs. 1,13,45,000/- as of 03.05.2025. The application was initially admitted, then set aside by NCLAT, and remanded back for fresh hearing.
Akshay Kumar Rout, Prop. of Jagannath Traders, filed an application under Section 7 of the IBC against Indo Laminates Pvt. Ltd.
The alleged default amount was Rs. 1,13,45,000/- as on 03.05.2025.
The Applicant granted financial assistance of Rs. 1,05,00,000/- to the Corporate Debtor at an 18% interest rate.
A loan agreement was executed between the Applicant/Financial Creditor and the Respondent/Corporate Debtor on 01.03.2025.
The Corporate Debtor defaulted in repayment.
A demand cum loan recall notice was sent on 03.05.2025.
The Corporate Debtor acknowledged the liability but cited a fire incident as the reason for financial distress.
The Corporate Debtor admitted to availing a financial facility of Rs. 1,05,00,000/-.
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Loan agreement executed between…
Date of default and…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Akshay Kumar Rout (Prop. of Jagannath Traders) against Indo Laminates Pvt. Ltd. for an alleged default amount of Rs. 1,13,45,000/- as of 03.05.2025. The application was initially admitted, then set aside by NCLAT, and remanded back for fresh hearing.
Akshay Kumar Rout, Prop. of Jagannath Traders, filed an application under Section 7 of the IBC against Indo Laminates Pvt. Ltd.
The alleged default amount was Rs. 1,13,45,000/- as on 03.05.2025.
The Applicant granted financial assistance of Rs. 1,05,00,000/- to the Corporate Debtor at an 18% interest rate.
A loan agreement was executed between the Applicant/Financial Creditor and the Respondent/Corporate Debtor on 01.03.2025.
The Corporate Debtor defaulted in repayment.
A demand cum loan recall notice was sent on 03.05.2025.
The Corporate Debtor acknowledged the liability but cited a fire incident as the reason for financial distress.
The Corporate Debtor admitted to availing a financial facility of Rs. 1,05,00,000/-.
…Loan agreement executed between…
Date of default and…