The applicant, East India Udyog Ltd, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Calzini Fashions Limited. The application is based on a Loan Agreement dated 15.03.2018 between the Financial Creditor and the Corporate Debtor. The applicant claims that the Corporate Debtor defaulted on payments. The Corporate Debtor disputes the total amount claimed but admits to owing a portion of the debt.
East India Udyog Ltd (Applicant/Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Calzini Fashions Limited (Corporate Debtor) based on a Loan Agreement dated 15.03.2018. The applicant claimed that Rs. 30,00,000/- was paid on 31.03.2018, and Rs. 15,00,000/- was repaid by the Corporate Debtor on 06.07.2018. The applicant stated the defaulted amount to be Rs. 17,70,739/-. The Corporate Debtor disputed the total amount claimed but admitted to owing Rs. 15,00,000/- in its reply. The applicant proposed Mr. Reetesh Kumar Agarwal as the IRP. The court found that the applicant had established a financial debt and a default in payment. The relevance of the loan agreement is that it establishes the financial debt. The relevance of the
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Loan Agreement entered…
Applicant pa…
The applicant, East India Udyog Ltd, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Calzini Fashions Limited. The application is based on a Loan Agreement dated 15.03.2018 between the Financial Creditor and the Corporate Debtor. The applicant claims that the Corporate Debtor defaulted on payments. The Corporate Debtor disputes the total amount claimed but admits to owing a portion of the debt.
East India Udyog Ltd (Applicant/Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Calzini Fashions Limited (Corporate Debtor) based on a Loan Agreement dated 15.03.2018. The applicant claimed that Rs. 30,00,000/- was paid on 31.03.2018, and Rs. 15,00,000/- was repaid by the Corporate Debtor on 06.07.2018. The applicant stated the defaulted amount to be Rs. 17,70,739/-. The Corporate Debtor disputed the total amount claimed but admitted to owing Rs. 15,00,000/- in its reply. The applicant proposed Mr. Reetesh Kumar Agarwal as the IRP. The court found that the applicant had established a financial debt and a default in payment. The relevance of the loan agreement is that it establishes the financial debt. The relevance of the
…Loan Agreement entered…
Applicant pa…