- (1.) The petitioner, Reliance Commercial Finance Limited has filed this petition under section 7 of Insolvency & Bankruptcy Code,2016 (hereinafter to be referred as the LB. Code) , read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor, Laxmi Vinayak Rice Mill Private Limited CIN: U15490WB2011PTC166440
(2.) Brief facts are mentioned below.
(3.) The petitioner in course of its business of lending had extended financial assistance of Rs.64,00,000/- (sixty-four lakhs) in the form of loan to the Corporate Debtor on executing Loan-cum Hypothecation Agreement dated 31.12.2014. Complete details of the loan sanctioned in different accounts and date of disbursement of loan is given in Annexure 'A-2' at page 16 to 25 of the petition. The petitioner has stated that a total outstanding exposure (with the principal amounts, accrued interest and penal interest) as on 24th November 2016 was Rs.76,95,920/-. The details of outstanding dues along with date of default committed by the Corporate Debtor is also given in the Demand Notice in Annexure 'A-3'. The petitioner has further stated that the Corporate Debtor has committed total default of Rs. 76,95,920/- including interest 24% per annum. Details of total outstanding amount and accrued interest are mentioned in Annexure 'A-12'.;