The case involves an application 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. The application was filed by Cynosure Mercantile Private Limited, Dream Estate & Holding Private Limited, and Deekay Properties Private Limited (the Financial Creditors) against Kanoi Plantations Private Limited (the Corporate Debtor) seeking initiation of the corporate insolvency resolution process (CIRP). The Financial Creditors claimed that the Corporate Debtor defaulted on an unsecured loan of Rs. 80,00,000/- granted in 2012-13. The Corporate Debtor made some part payments until March 31, 2014, but the remaining amount remained unpaid. The Financial Creditors issued a
…In 2012-13, Cynosure Mercantile Private Limited, Dream Estate & Holding Private Limited, and Deekay Properties Private Limited (Financial Creditors) granted an unsecured loan of Rs. 80,00,000/- to Kanoi Plantations Private Limited (Corporate Debtor). The Corporate Debtor made quarterly interest payments until March 31, 2014, but the principal and remaining interest remained unpaid. The individual loan amounts were Rs. 20,00,000/-, Rs. 10,00,000/-, and Rs. 50,00,000/- respectively. On 29/07/2017, the Financial Creditors sent a notice to the Corporate Debtor requesting payment, which was followed by a reply from the Corporate Debtor on 11/08/2017. A Memorandum of Understanding (MoU) was signed on 28/08/2017, but the cheques issued by the Corporate Debtor were
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Financial Creditors disbursed an unsecured…
Corporate Debtor…
The case involves an application 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. The application was filed by Cynosure Mercantile Private Limited, Dream Estate & Holding Private Limited, and Deekay Properties Private Limited (the Financial Creditors) against Kanoi Plantations Private Limited (the Corporate Debtor) seeking initiation of the corporate insolvency resolution process (CIRP). The Financial Creditors claimed that the Corporate Debtor defaulted on an unsecured loan of Rs. 80,00,000/- granted in 2012-13. The Corporate Debtor made some part payments until March 31, 2014, but the remaining amount remained unpaid. The Financial Creditors issued a
…In 2012-13, Cynosure Mercantile Private Limited, Dream Estate & Holding Private Limited, and Deekay Properties Private Limited (Financial Creditors) granted an unsecured loan of Rs. 80,00,000/- to Kanoi Plantations Private Limited (Corporate Debtor). The Corporate Debtor made quarterly interest payments until March 31, 2014, but the principal and remaining interest remained unpaid. The individual loan amounts were Rs. 20,00,000/-, Rs. 10,00,000/-, and Rs. 50,00,000/- respectively. On 29/07/2017, the Financial Creditors sent a notice to the Corporate Debtor requesting payment, which was followed by a reply from the Corporate Debtor on 11/08/2017. A Memorandum of Understanding (MoU) was signed on 28/08/2017, but the cheques issued by the Corporate Debtor were
…Financial Creditors disbursed an unsecured…
Corporate Debtor…