The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Bharani Commodities Private Limited against M/s. Infiniti Metal Products India Limited. The applicant, a financial creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, alleging a default in repaying a financial debt of Rs. 4,70,84,899/- together with interest at 12% per annum as of 10.07.2018. The financial creditor claimed to have supplied TMT steel bars and angles to the corporate debtor, who failed to make payments. Subsequently, both parties agreed to convert a portion of the debt (Rs. 3,95,67,142)
…M/s. Bharani Commodities Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Infiniti Metal Products India Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 4,70,84,899/- with 12% interest per annum as of 10.07.2018. The Financial Creditor supplied TMT steel bars and angles to the Corporate Debtor, who failed to pay for the materials. On 20.06.2018, both parties agreed to convert Rs. 3,95,67,142 of the debt into an unsecured loan with 9% interest per annum, documented in a loan agreement. The Corporate Debtor defaulted on the loan payments. The Financial
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Both parties decided to convert Rs. 3,95,67,142…
Financial debt of Rs.…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by M/s. Bharani Commodities Private Limited against M/s. Infiniti Metal Products India Limited. The applicant, a financial creditor, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, alleging a default in repaying a financial debt of Rs. 4,70,84,899/- together with interest at 12% per annum as of 10.07.2018. The financial creditor claimed to have supplied TMT steel bars and angles to the corporate debtor, who failed to make payments. Subsequently, both parties agreed to convert a portion of the debt (Rs. 3,95,67,142)
…M/s. Bharani Commodities Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Infiniti Metal Products India Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 4,70,84,899/- with 12% interest per annum as of 10.07.2018. The Financial Creditor supplied TMT steel bars and angles to the Corporate Debtor, who failed to pay for the materials. On 20.06.2018, both parties agreed to convert Rs. 3,95,67,142 of the debt into an unsecured loan with 9% interest per annum, documented in a loan agreement. The Corporate Debtor defaulted on the loan payments. The Financial
…Both parties decided to convert Rs. 3,95,67,142…
Financial debt of Rs.…