The case involves an application filed by the Financial Creditor, M/s Om Telecom Logistics Pvt. Ltd., against the Corporate Debtor, M/s MKY Constructions Pvt. Ltd., under Section 7 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).
M/s Om Telecom Logistics Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of IBC against M/s MKY Constructions Pvt. Ltd. (Corporate Debtor).
The Corporate Debtor borrowed a corporate loan of Rs. 1,00,00,000/- from the Financial Creditor in October 2015.
A loan agreement was executed on 01.10.2015 between Action Bridgegap Constructions Private Limited (Corporate Debtor) and the Financial Creditor.
The loan carried an interest rate of 15% per annum.
The Corporate Debtor initially paid interest amounting to Rs. 37,50,000/- until 31.03.2018.
After 31.03.2018, the Corporate Debtor stopped paying interest.
A cheque issued by the Corporate Debtor for Rs. 1,00,00,000/- was dishonored with the endorsement 'Funds Insufficient'.
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Loan agreement executed between Action…
Corporate Debtor…
The case involves an application filed by the Financial Creditor, M/s Om Telecom Logistics Pvt. Ltd., against the Corporate Debtor, M/s MKY Constructions Pvt. Ltd., under Section 7 of the IBC, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).
M/s Om Telecom Logistics Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of IBC against M/s MKY Constructions Pvt. Ltd. (Corporate Debtor).
The Corporate Debtor borrowed a corporate loan of Rs. 1,00,00,000/- from the Financial Creditor in October 2015.
A loan agreement was executed on 01.10.2015 between Action Bridgegap Constructions Private Limited (Corporate Debtor) and the Financial Creditor.
The loan carried an interest rate of 15% per annum.
The Corporate Debtor initially paid interest amounting to Rs. 37,50,000/- until 31.03.2018.
After 31.03.2018, the Corporate Debtor stopped paying interest.
A cheque issued by the Corporate Debtor for Rs. 1,00,00,000/- was dishonored with the endorsement 'Funds Insufficient'.
…Loan agreement executed between Action…
Corporate Debtor…