The Biotechnology Industry Research Assistance Council (BIRAC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Labland Biotechs Private Limited, citing a financial debt.
The Petitioner, Biotechnology Industry Research Assistance Council (BIRAC), disbursed ₹2,42,53,000 to the Corporate Debtor.
The principal amount outstanding as of 31.03.2023 was ₹2,36,53,000.
The total amount in default, including interest, was ₹5,28,57,895.28 as of 31.03.2023.
The Date of First Default is stated as 03.08.2010.
The Corporate Debtor had sought financial assistance from the Govt of India under the Small Business Innovation Research Initiative (SBIRI).
The terms and conditions of the loan were governed by the Original Agreement dated 03.08.2007, Transfer Orders dated 25.09.2012 and 09.05.2014, and Supplementary Agreement dated 01.12.2016.
The Corporate Debtor made part payments of Rs. 2,00,000 on 21.01.2015 and Rs. 4,00,000 on 20.02.2020.
…Sign in to view the parties.
Sanction order issued by the Department of…
The first date of…
The Biotechnology Industry Research Assistance Council (BIRAC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Labland Biotechs Private Limited, citing a financial debt.
The Petitioner, Biotechnology Industry Research Assistance Council (BIRAC), disbursed ₹2,42,53,000 to the Corporate Debtor.
The principal amount outstanding as of 31.03.2023 was ₹2,36,53,000.
The total amount in default, including interest, was ₹5,28,57,895.28 as of 31.03.2023.
The Date of First Default is stated as 03.08.2010.
The Corporate Debtor had sought financial assistance from the Govt of India under the Small Business Innovation Research Initiative (SBIRI).
The terms and conditions of the loan were governed by the Original Agreement dated 03.08.2007, Transfer Orders dated 25.09.2012 and 09.05.2014, and Supplementary Agreement dated 01.12.2016.
The Corporate Debtor made part payments of Rs. 2,00,000 on 21.01.2015 and Rs. 4,00,000 on 20.02.2020.
…Sanction order issued by the Department of…
The first date of…