Trimurti Associates Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BKM Industries Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay a principal amount of ₹5,00,00,000 and interest of ₹1,14,43,046 as of 09.10.2018. The Corporate Debtor had approached the Financial Creditor for funds to meet working capital requirements, leading to a loan agreement dated 11.04.2018. The Corporate Debtor requested an extension for repayment, which was granted, but the amount remained unpaid.
Trimurti Associates Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against BKM Industries Private Limited (Corporate Debtor) due to a default in debt repayment. The Corporate Debtor, a listed public company, had approached the Financial Creditor for funds to meet working capital needs, resulting in a loan agreement dated 11.04.2018 for ₹5,00,00,000 with a 16% annual interest rate. The Corporate Debtor failed to repay the principal and interest, which amounted to ₹6,14,43,046 as of 09.10.2018 (the date of default). The Financial Creditor extended the repayment period upon the Corporate Debtor's request, but the debt remained unpaid. The Corporate Debtor did not file a reply to the petition despite
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Trimurti Associates Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BKM Industries Private Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's failure to repay a principal amount of ₹5,00,00,000 and interest of ₹1,14,43,046 as of 09.10.2018. The Corporate Debtor had approached the Financial Creditor for funds to meet working capital requirements, leading to a loan agreement dated 11.04.2018. The Corporate Debtor requested an extension for repayment, which was granted, but the amount remained unpaid.
Trimurti Associates Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against BKM Industries Private Limited (Corporate Debtor) due to a default in debt repayment. The Corporate Debtor, a listed public company, had approached the Financial Creditor for funds to meet working capital needs, resulting in a loan agreement dated 11.04.2018 for ₹5,00,00,000 with a 16% annual interest rate. The Corporate Debtor failed to repay the principal and interest, which amounted to ₹6,14,43,046 as of 09.10.2018 (the date of default). The Financial Creditor extended the repayment period upon the Corporate Debtor's request, but the debt remained unpaid. The Corporate Debtor did not file a reply to the petition despite
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Parties entered into a…