The application was filed by Krishna Paper Trading Co. (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingston Paptech Pvt. Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's alleged default in paying a financial debt of Rs. 37,10,972/-. The date of default was stated as 14-07-2015. The Financial Creditor claimed to have given a loan of Rs. 52,50,000/- to the Corporate Debtor, payable on demand. The Corporate Debtor had allegedly paid Rs. 30,00,000/-, leaving a balance of Rs. 22,50,000/- plus interest unpaid.
Krishna Paper Trading Co. (Financial Creditor), a proprietary concern, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingston Paptech Pvt. Ltd. (Corporate Debtor). The Financial Creditor claimed that it had given a loan of Rs. 52,50,000/- to the Corporate Debtor, payable on demand. The Corporate Debtor allegedly defaulted on a payment of Rs. 37,10,972/- with the date of default being 14-07-2015. The Corporate Debtor had repaid Rs. 30,00,000/-, leaving a balance of Rs. 22,50,000/- plus interest unpaid. The Corporate Debtor raised technical defenses, arguing that a proprietary firm cannot file an application under the IBC and that the certificate issued by the
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The date of default in…
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The application was filed by Krishna Paper Trading Co. (Financial Creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingston Paptech Pvt. Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's alleged default in paying a financial debt of Rs. 37,10,972/-. The date of default was stated as 14-07-2015. The Financial Creditor claimed to have given a loan of Rs. 52,50,000/- to the Corporate Debtor, payable on demand. The Corporate Debtor had allegedly paid Rs. 30,00,000/-, leaving a balance of Rs. 22,50,000/- plus interest unpaid.
Krishna Paper Trading Co. (Financial Creditor), a proprietary concern, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kingston Paptech Pvt. Ltd. (Corporate Debtor). The Financial Creditor claimed that it had given a loan of Rs. 52,50,000/- to the Corporate Debtor, payable on demand. The Corporate Debtor allegedly defaulted on a payment of Rs. 37,10,972/- with the date of default being 14-07-2015. The Corporate Debtor had repaid Rs. 30,00,000/-, leaving a balance of Rs. 22,50,000/- plus interest unpaid. The Corporate Debtor raised technical defenses, arguing that a proprietary firm cannot file an application under the IBC and that the certificate issued by the
…The date of default in…
Order Reserved…