The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against JBO Globeworld LLP.
The Financial Creditor and Corporate Debtor entered into a Loan cum-Hypothecation agreement on 01.04.2020.
The Financial Creditor provided financial assistance to the Corporate Debtor through a Term Loan of Rs. 4 Crores and a Working Capital Loan with a maximum limit of Rs. 100 crores.
The Term Loan of Rs. 4 crore was given for 1 year at an interest rate of 9.00% P.A. with a penal interest of 2% P.A. on overdue amounts.
The Working Capital Loan up to Rs. 100 Crores was to be given for 3 years at an interest rate of 9.20% P.A. with a penal interest of 1% P.A.
On 05.04.2021, the Financial Creditor sent a letter to the Corporate Debtor for repayment of the term loan.
…Sign in to view the parties.
Financial Creditor and…
Financial Creditor sent…
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against JBO Globeworld LLP.
The Financial Creditor and Corporate Debtor entered into a Loan cum-Hypothecation agreement on 01.04.2020.
The Financial Creditor provided financial assistance to the Corporate Debtor through a Term Loan of Rs. 4 Crores and a Working Capital Loan with a maximum limit of Rs. 100 crores.
The Term Loan of Rs. 4 crore was given for 1 year at an interest rate of 9.00% P.A. with a penal interest of 2% P.A. on overdue amounts.
The Working Capital Loan up to Rs. 100 Crores was to be given for 3 years at an interest rate of 9.20% P.A. with a penal interest of 1% P.A.
On 05.04.2021, the Financial Creditor sent a letter to the Corporate Debtor for repayment of the term loan.
…Financial Creditor and…
Financial Creditor sent…