- (1.) Bell Finvest (India) Ltd. through its authorised person Mr. Sunil Sawant, Sr. Assistant Manager (Legal) filed this petition under Section 7 of The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") with a prayer to trigger Corporate Insolvency process in respect of M/s. Laser Care India Private Limited.
(2.) Board of Directors of Bell Finvest (India) Ltd. passed a resolution on 07.09.2017 to file a petition under section 7 of the Insolvency and Bankruptcy Code, 2016read with Rule 4 of the Insolvency and Bankruptcy Code 2016 and authorised Mr. Sunil Sawant, Sr. Assistant Manager (Legal) to file this petition.
(3.) Petitioner sanctioned an amount of Rs. 16.00 lacs in in a single to tranche and disbursed the said amount in a single tranche on request of the corporate debtor towards business loans for the tenure of sixty months at flat rate of 36% per annum. Corporate debtor paid five equal monthly instalments, but not on due dates. Therefore, corporate debtor and its guarantors failed to repay the loan amount. Since corporate debtor and its guarantors failed to repay monthly instalments from 24.02.2017, the arrears of additional interest amounting to Rs. 4,05,408/- has been aggregated and it has been set out in detail in the statement marked annexure B. Petitioner financial creditor issued legal notice dated 05.07.2017 to the respondent corporate debtor and the guarantors.;