Reliance Commercial Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingiree Fashion Pvt. Ltd. The application was based on the Corporate Debtor's failure to repay a loan amount of Rs. 50,46,397, advanced as per a Loan Cum Hypothecation Agreement dated 2014-05-28. The Financial Creditor claimed default based on an Arbitral Award dated 2018-03-13.
Reliance Commercial Finance Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingiree Fashion Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had taken a loan of Rs. 50,00,000 from the Financial Creditor, as per a Loan Cum Hypothecation Agreement dated 2014-05-28. The loan was to be repaid in 119 monthly installments. The Corporate Debtor defaulted on the repayment. The Financial Creditor issued a Loan Recall Notice dated 2017-06-13. The matter was referred to arbitration, and an award was passed in favor of the Financial Creditor on 2018-03-13. Despite the award, the Corporate Debtor failed to comply. The Corporate Debtor challenged the
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Corporate Debtor executed a Loan Agreement…
Financial Creditor…
Reliance Commercial Finance Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingiree Fashion Pvt. Ltd. The application was based on the Corporate Debtor's failure to repay a loan amount of Rs. 50,46,397, advanced as per a Loan Cum Hypothecation Agreement dated 2014-05-28. The Financial Creditor claimed default based on an Arbitral Award dated 2018-03-13.
Reliance Commercial Finance Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingiree Fashion Pvt. Ltd. (Corporate Debtor). The Corporate Debtor had taken a loan of Rs. 50,00,000 from the Financial Creditor, as per a Loan Cum Hypothecation Agreement dated 2014-05-28. The loan was to be repaid in 119 monthly installments. The Corporate Debtor defaulted on the repayment. The Financial Creditor issued a Loan Recall Notice dated 2017-06-13. The matter was referred to arbitration, and an award was passed in favor of the Financial Creditor on 2018-03-13. Despite the award, the Corporate Debtor failed to comply. The Corporate Debtor challenged the
…Corporate Debtor executed a Loan Agreement…
Financial Creditor…