The case involves an application filed by Agarwal Polysacks Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Karuna Distributors Private Limited. Agarwal Polysacks Limited claims to be a financial creditor to whom Karuna Distributors Private Limited owes a debt. The application was filed due to the alleged default in repayment of the loan amount along with interest.
Agarwal Polysacks Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karuna Distributors Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor owed a sum of Rs. 1,73,69,830/- which included principal and interest till 31st July 2019. The principal loan amount was Rs. 1,67,00,000/-. The loan was granted in several tranches from 12th July 2017 to 30th March 2019, with an interest rate of 12% per annum. The date of default was stated as 17th June 2019. The Financial Creditor submitted bank statements, email confirmations from the Corporate Debtor acknowledging the debt, and TDS deductions as evidence.
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Unsecured loan of Rs.2,42,00,000/- granted to…
Unsecured loan of Rs.2,42,00,000/- granted to…
The case involves an application filed by Agarwal Polysacks Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Karuna Distributors Private Limited. Agarwal Polysacks Limited claims to be a financial creditor to whom Karuna Distributors Private Limited owes a debt. The application was filed due to the alleged default in repayment of the loan amount along with interest.
Agarwal Polysacks Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karuna Distributors Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor owed a sum of Rs. 1,73,69,830/- which included principal and interest till 31st July 2019. The principal loan amount was Rs. 1,67,00,000/-. The loan was granted in several tranches from 12th July 2017 to 30th March 2019, with an interest rate of 12% per annum. The date of default was stated as 17th June 2019. The Financial Creditor submitted bank statements, email confirmations from the Corporate Debtor acknowledging the debt, and TDS deductions as evidence.
…Unsecured loan of Rs.2,42,00,000/- granted to…
Unsecured loan of Rs.2,42,00,000/- granted to…