The case involves an application by Hytone Merchants Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indradev Goods Private Limited, the Corporate Debtor. The Financial Creditor claims to have extended financial assistance to the Corporate Debtor, which the latter failed to repay. The Corporate Debtor acknowledged the debt but cited economic recession and business losses as reasons for non-payment.
Hytone Merchants Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Indradev Goods Private Limited, the Corporate Debtor. The Financial Creditor had extended financial assistance to the Corporate Debtor, with a paid-up capital of Rs. 3,43,70,740/-. A sum of Rs. 4 lacs was remitted through RTGS from United Bank of India, Kolkata on 15.02.2019, with a condition to repay the loan within six months at 15% interest per annum. The Corporate Debtor failed to repay the amount despite a demand notice issued on December 16, 2019. The Corporate Debtor acknowledged the debt but cited economic recession and business losses as reasons for non-payment. The
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Rs. 4 lacs remitted…
Corporate Debtor…
The case involves an application by Hytone Merchants Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Indradev Goods Private Limited, the Corporate Debtor. The Financial Creditor claims to have extended financial assistance to the Corporate Debtor, which the latter failed to repay. The Corporate Debtor acknowledged the debt but cited economic recession and business losses as reasons for non-payment.
Hytone Merchants Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Indradev Goods Private Limited, the Corporate Debtor. The Financial Creditor had extended financial assistance to the Corporate Debtor, with a paid-up capital of Rs. 3,43,70,740/-. A sum of Rs. 4 lacs was remitted through RTGS from United Bank of India, Kolkata on 15.02.2019, with a condition to repay the loan within six months at 15% interest per annum. The Corporate Debtor failed to repay the amount despite a demand notice issued on December 16, 2019. The Corporate Debtor acknowledged the debt but cited economic recession and business losses as reasons for non-payment. The
…Rs. 4 lacs remitted…
Corporate Debtor…