Persistent Systems Limited initiated Corporate Insolvency Resolution Process (CIRP) against Klisma E-Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) or loan. The Corporate Debtor, acting as a Corporate Guarantor, defaulted on a loan amounting to ₹2,74,26,663/-. The Petitioner and the Corporate Debtor entered into an Inter Corporate Loan Agreement on 07.05.2012, where the Petitioner granted the ICD to the Corporate Debtor in multiple tranches from June 2012 to March 2013. The repayment was scheduled in three tranches.
Persistent Systems Limited ('Petitioner') provided an Inter Corporate Deposit (ICD) or loan of ₹2,74,26,663/- to Klisma E-Services Private Limited ('Corporate Debtor') under an agreement dated 07.05.2012. The ICD was disbursed in multiple tranches between June 2012 and March 2013. The repayment was scheduled in three tranches: 50% by March 31, 2016, 25% by September 30, 2017, and 25% by March 31, 2019. The Corporate Debtor acknowledged the debt in a letter dated 31.03.2013. The Petitioner demanded repayment through letters dated 05.04.2016, 10.10.2017, 12.04.2019, and 26.07.2019. The Corporate Debtor's balance sheets for 2016-17 and 2017-18 showed the Petitioner as a creditor. The Corporate Debtor accepted the liability and default in written submissions. The relevance
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Petitioner and…
Disbursement of Inter…
Persistent Systems Limited initiated Corporate Insolvency Resolution Process (CIRP) against Klisma E-Services Private Limited, the Corporate Debtor, due to a default on an Inter Corporate Deposit (ICD) or loan. The Corporate Debtor, acting as a Corporate Guarantor, defaulted on a loan amounting to ₹2,74,26,663/-. The Petitioner and the Corporate Debtor entered into an Inter Corporate Loan Agreement on 07.05.2012, where the Petitioner granted the ICD to the Corporate Debtor in multiple tranches from June 2012 to March 2013. The repayment was scheduled in three tranches.
Persistent Systems Limited ('Petitioner') provided an Inter Corporate Deposit (ICD) or loan of ₹2,74,26,663/- to Klisma E-Services Private Limited ('Corporate Debtor') under an agreement dated 07.05.2012. The ICD was disbursed in multiple tranches between June 2012 and March 2013. The repayment was scheduled in three tranches: 50% by March 31, 2016, 25% by September 30, 2017, and 25% by March 31, 2019. The Corporate Debtor acknowledged the debt in a letter dated 31.03.2013. The Petitioner demanded repayment through letters dated 05.04.2016, 10.10.2017, 12.04.2019, and 26.07.2019. The Corporate Debtor's balance sheets for 2016-17 and 2017-18 showed the Petitioner as a creditor. The Corporate Debtor accepted the liability and default in written submissions. The relevance
…Petitioner and…
Disbursement of Inter…