The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Sahil Jain, Proprietor of M/s White Star Hosiery (Financial Creditor), against KGN General Trading Co. Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
Mr. Sahil Jain, Proprietor of M/s White Star Hosiery, filed an application under Section 7 of the IBC against KGN General Trading Co. Limited.
The Financial Creditor disbursed Rs. 1,60,00,000/- to the Corporate Debtor during the financial year 2024-25.
The Corporate Debtor defaulted on repayment of the loan amount.
A Loan Agreement was executed between the parties on 10.04.2025, stipulating repayment in ten equal monthly installments with 18% interest.
The Financial Creditor issued a Loan-cum-Recall Notice on 06.05.2025, demanding immediate repayment.
The Corporate Debtor contended that the default was due to financial distress and market recession.
The Corporate Debtor admitted to receiving financial assistance from the Financial Creditor.
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The date of default, as…
Multiple transactions…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Mr. Sahil Jain, Proprietor of M/s White Star Hosiery (Financial Creditor), against KGN General Trading Co. Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP).
Mr. Sahil Jain, Proprietor of M/s White Star Hosiery, filed an application under Section 7 of the IBC against KGN General Trading Co. Limited.
The Financial Creditor disbursed Rs. 1,60,00,000/- to the Corporate Debtor during the financial year 2024-25.
The Corporate Debtor defaulted on repayment of the loan amount.
A Loan Agreement was executed between the parties on 10.04.2025, stipulating repayment in ten equal monthly installments with 18% interest.
The Financial Creditor issued a Loan-cum-Recall Notice on 06.05.2025, demanding immediate repayment.
The Corporate Debtor contended that the default was due to financial distress and market recession.
The Corporate Debtor admitted to receiving financial assistance from the Financial Creditor.
…The date of default, as…
Multiple transactions…