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/- 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. extended financial assistance of Rs. 50,00,000/- to Kingiree Fashion Pvt. Ltd. via a Loan Cum Hypothecation Agreement dated 2014-05-28. The loan was repayable in 119 monthly installments. The corporate debtor defaulted on repayments, leading to a Loan Recall Notice dated 2017-06-13. The matter was then taken to arbitration, resulting in an award dated 2018-03-13 in favor of the financial creditor for Rs. 50,46,397/-. Despite the award, the corporate debtor failed to comply. The corporate debtor challenged the arbitral award in the City Civil Court at Kolkata, which was rejected for want of jurisdiction. The corporate debtor then filed an application under Section 34 of the Arbitration and Conciliation Act, 1996, before the High Court at
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Kingiree Fashion Pvt. Ltd. executed a Loan…
Reliance Commercial Finance Ltd. issued a Loan…
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/- 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. extended financial assistance of Rs. 50,00,000/- to Kingiree Fashion Pvt. Ltd. via a Loan Cum Hypothecation Agreement dated 2014-05-28. The loan was repayable in 119 monthly installments. The corporate debtor defaulted on repayments, leading to a Loan Recall Notice dated 2017-06-13. The matter was then taken to arbitration, resulting in an award dated 2018-03-13 in favor of the financial creditor for Rs. 50,46,397/-. Despite the award, the corporate debtor failed to comply. The corporate debtor challenged the arbitral award in the City Civil Court at Kolkata, which was rejected for want of jurisdiction. The corporate debtor then filed an application under Section 34 of the Arbitration and Conciliation Act, 1996, before the High Court at
…Kingiree Fashion Pvt. Ltd. executed a Loan…
Reliance Commercial Finance Ltd. issued a Loan…