Swatee Agarawal (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Wcube Solutions Pvt. Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petition stemmed from a default on a term loan of INR 1,50,00,000/- disbursed on 09.05.2024, with a maturity date of 09.05.2025. The Corporate Debtor failed to repay the principal amount and accrued interest at 22% p.a., despite repeated acknowledgments of the debt and assurances of repayment through various email communications. The default was also recorded and authenticated by the National E-Governance Services Limited (NeSL). The Corporate Debtor attempted to offer a settlement, but the Financial Creditor explicitly declined.
Swatee Agarawal (Financial Creditor) preferred a petition under Section 7 of the IBC, 2016, to initiate CIRP against Wcube Solutions Pvt. Ltd (Corporate Debtor).
The Corporate Debtor secured a loan of INR 1,50,00,000/- from the Financial Creditor via a Term Loan Agreement (TLA) dated 07.05.2024.
The Financial Creditor disbursed the principal amount to the Corporate Debtor on 09.05.2024, with a maturity period of one year, i.e., until 09.05.2025.
The Corporate Debtor failed to repay the principal amount along with accrued interest at 22% p.a.
On 02.05.2025, the Financial Creditor sent a reminder email, and the Corporate Debtor acknowledged the debt and assured repayment by May 2025.
On 09.05.2025, the contractual maturity period ended, but no repayment was made.
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Term Loan Agreement (TLA) executed between…
Initial withdrawal of INR 1,50,00,000.00 from…
Swatee Agarawal (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Wcube Solutions Pvt. Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petition stemmed from a default on a term loan of INR 1,50,00,000/- disbursed on 09.05.2024, with a maturity date of 09.05.2025. The Corporate Debtor failed to repay the principal amount and accrued interest at 22% p.a., despite repeated acknowledgments of the debt and assurances of repayment through various email communications. The default was also recorded and authenticated by the National E-Governance Services Limited (NeSL). The Corporate Debtor attempted to offer a settlement, but the Financial Creditor explicitly declined.
Swatee Agarawal (Financial Creditor) preferred a petition under Section 7 of the IBC, 2016, to initiate CIRP against Wcube Solutions Pvt. Ltd (Corporate Debtor).
The Corporate Debtor secured a loan of INR 1,50,00,000/- from the Financial Creditor via a Term Loan Agreement (TLA) dated 07.05.2024.
The Financial Creditor disbursed the principal amount to the Corporate Debtor on 09.05.2024, with a maturity period of one year, i.e., until 09.05.2025.
The Corporate Debtor failed to repay the principal amount along with accrued interest at 22% p.a.
On 02.05.2025, the Financial Creditor sent a reminder email, and the Corporate Debtor acknowledged the debt and assured repayment by May 2025.
On 09.05.2025, the contractual maturity period ended, but no repayment was made.
…Term Loan Agreement (TLA) executed between…
Initial withdrawal of INR 1,50,00,000.00 from…