The case involves a petition filed by Reliance Commercial Finance Limited, a non-banking financial company, against Grishi Mango Products and Exports Tamilnadu Private Limited, a company engaged in the mango business, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor provided a loan to the corporate debtor in 2011, but the corporate debtor defaulted on repayments. The financial creditor initiated arbitration proceedings and obtained an order from the Bombay High Court appointing a Court Receiver to take possession of the corporate debtor's assets.
Reliance Commercial Finance Limited, a non-banking financial company registered on 03.01.1995, engaged in hire purchase, leasing, and advancing loans, filed a petition against Grishi Mango Products and Exports Tamilnadu Private Limited, a private limited company incorporated on 09.03.2004, involved in the mango business. In 2011, the corporate debtor approached the financial creditor for financial assistance, and the financial creditor provided ₹50,00,000/-. A loan agreement was executed on 27.06.2011, stipulating repayment from 01.08.2011. The corporate debtor defaulted, and a cheque for ₹1,10,425/- was returned due to 'Insufficient Funds'. A legal notice was issued on 26.09.2013, demanding repayment, but the corporate debtor failed to repay the principal and
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Reliance Commercial…
Grishi Mango Products…
The case involves a petition filed by Reliance Commercial Finance Limited, a non-banking financial company, against Grishi Mango Products and Exports Tamilnadu Private Limited, a company engaged in the mango business, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor provided a loan to the corporate debtor in 2011, but the corporate debtor defaulted on repayments. The financial creditor initiated arbitration proceedings and obtained an order from the Bombay High Court appointing a Court Receiver to take possession of the corporate debtor's assets.
Reliance Commercial Finance Limited, a non-banking financial company registered on 03.01.1995, engaged in hire purchase, leasing, and advancing loans, filed a petition against Grishi Mango Products and Exports Tamilnadu Private Limited, a private limited company incorporated on 09.03.2004, involved in the mango business. In 2011, the corporate debtor approached the financial creditor for financial assistance, and the financial creditor provided ₹50,00,000/-. A loan agreement was executed on 27.06.2011, stipulating repayment from 01.08.2011. The corporate debtor defaulted, and a cheque for ₹1,10,425/- was returned due to 'Insufficient Funds'. A legal notice was issued on 26.09.2013, demanding repayment, but the corporate debtor failed to repay the principal and
…Reliance Commercial…
Grishi Mango Products…