Moli Merchant Traders Private Limited (the Petitioner) filed a petition seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor). The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the Corporate Debtor defaulted on a payment of Rs. 37,63,507/- including interest at 12% p.a. The Corporate Debtor had requested financial assistance of Rs. 35,00,000 from the Petitioner, which was granted as an unsecured corporate loan. The Corporate Debtor confirmed the receipt of the loan and issued a promissory note. A cheque issued by the Corporate Debtor for repayment was dishonored due to insufficient funds.
Moli Merchant Traders Private Limited (the Petitioner) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition was a default in payment of Rs. 37,63,507/-, including interest, on a loan of Rs. 35,00,000/-. The Corporate Debtor had requested the loan, which the Petitioner granted on 15.07.2019, with an interest rate of 12% p.a. The Corporate Debtor confirmed receipt of the loan and issued a promissory note dated 15.07.2019. A cheque for Rs. 35,00,000/- issued by the Corporate Debtor on 16.01.2020, was dishonored due to 'funds insufficient'. The Corporate Debtor admitted to availing the
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Moli Merchant Traders Private Limited (the Petitioner) filed a petition seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor). The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the Corporate Debtor defaulted on a payment of Rs. 37,63,507/- including interest at 12% p.a. The Corporate Debtor had requested financial assistance of Rs. 35,00,000 from the Petitioner, which was granted as an unsecured corporate loan. The Corporate Debtor confirmed the receipt of the loan and issued a promissory note. A cheque issued by the Corporate Debtor for repayment was dishonored due to insufficient funds.
Moli Merchant Traders Private Limited (the Petitioner) sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Enrich Shreya Marine Infrastructures Private Limited (the Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition was a default in payment of Rs. 37,63,507/-, including interest, on a loan of Rs. 35,00,000/-. The Corporate Debtor had requested the loan, which the Petitioner granted on 15.07.2019, with an interest rate of 12% p.a. The Corporate Debtor confirmed receipt of the loan and issued a promissory note dated 15.07.2019. A cheque for Rs. 35,00,000/- issued by the Corporate Debtor on 16.01.2020, was dishonored due to 'funds insufficient'. The Corporate Debtor admitted to availing the
…The Corporate Debtor requested the Petitioner…
The Petitioner agreed to provide financial…