The case involves an application filed by Indiabulls Consumer Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Private Limited (Corporate Debtor) due to a default of Rs. 45,64,151/- and interest. The financial creditor, an NBFC, had provided a term loan of Rs. 50,00,000/- to the corporate debtor, which was to be repaid in 36 installments. The corporate debtor defaulted on payments, leading to arbitration proceedings and an ex-parte award in favor of the financial creditor. The financial creditor then filed the present application to initiate CIRP.
Indiabulls Consumer Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Private Limited (Corporate Debtor). The Corporate Debtor defaulted on a term loan of Rs. 50,00,000/- provided by the Financial Creditor, with the default amount totaling Rs. 45,64,151/- plus interest. The first default occurred on 05.08.2018, and the last default occurred on 05.10.2019. The Financial Creditor initiated arbitration proceedings, resulting in an ex-parte award in their favor on 05.04.2019, due to the Corporate Debtor's non-appearance. The Corporate Debtor argued that the Financial Creditor did not provide a certificate from the Reserve
…Sign in to view the parties.
Loan agreement between Indiabulls Consumer…
The corporate debtor…
The case involves an application filed by Indiabulls Consumer Finance Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Private Limited (Corporate Debtor) due to a default of Rs. 45,64,151/- and interest. The financial creditor, an NBFC, had provided a term loan of Rs. 50,00,000/- to the corporate debtor, which was to be repaid in 36 installments. The corporate debtor defaulted on payments, leading to arbitration proceedings and an ex-parte award in favor of the financial creditor. The financial creditor then filed the present application to initiate CIRP.
Indiabulls Consumer Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kimaya Industries Private Limited (Corporate Debtor). The Corporate Debtor defaulted on a term loan of Rs. 50,00,000/- provided by the Financial Creditor, with the default amount totaling Rs. 45,64,151/- plus interest. The first default occurred on 05.08.2018, and the last default occurred on 05.10.2019. The Financial Creditor initiated arbitration proceedings, resulting in an ex-parte award in their favor on 05.04.2019, due to the Corporate Debtor's non-appearance. The Corporate Debtor argued that the Financial Creditor did not provide a certificate from the Reserve
…Loan agreement between Indiabulls Consumer…
The corporate debtor…