The case pertains to a petition filed by Sri P. Krishna, styling himself as a Financial Creditor, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against Konark Power Projects Limited, referred to as the Corporate Debtor. The applicant claims that the Corporate Debtor defaulted on an unsecured loan of Rs. 1,00,00,000 (Rupees One Crore) provided under a loan agreement in April 2017. The loan carried a simple interest of 12% per annum. The Corporate Debtor made partial payments, but a significant amount remained outstanding. The applicant issued reminders, but the Corporate Debtor failed to repay the loan. The Corporate Debtor argued that it faced financial difficulties due to the termination of a Power Purchase Agreement (PPA) and
…Sri P. Krishna, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Konark Power Projects Limited, the Corporate Debtor. In April 2017, the Financial Creditor provided an unsecured loan of Rs. 1,00,00,000 (Rupees One Crore) to the Corporate Debtor, with a simple interest rate of 12% per annum. The loan agreement stipulated a repayment period of ten years starting from 20.11.2007. The Corporate Debtor made partial payments of Rs.21,37,000/- on 30.12.2013, Rs.5,00,000/- on 20.01.2014, and Rs.7,63,000/- on 06.02.2014. As of 31.03.2018, the principal outstanding was Rs.66,00,000/-, and the total interest due was Rs.1,14,22,256/-. The maturity
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The ten-year pe…
Corporate Debt…
The case pertains to a petition filed by Sri P. Krishna, styling himself as a Financial Creditor, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP) against Konark Power Projects Limited, referred to as the Corporate Debtor. The applicant claims that the Corporate Debtor defaulted on an unsecured loan of Rs. 1,00,00,000 (Rupees One Crore) provided under a loan agreement in April 2017. The loan carried a simple interest of 12% per annum. The Corporate Debtor made partial payments, but a significant amount remained outstanding. The applicant issued reminders, but the Corporate Debtor failed to repay the loan. The Corporate Debtor argued that it faced financial difficulties due to the termination of a Power Purchase Agreement (PPA) and
…Sri P. Krishna, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Konark Power Projects Limited, the Corporate Debtor. In April 2017, the Financial Creditor provided an unsecured loan of Rs. 1,00,00,000 (Rupees One Crore) to the Corporate Debtor, with a simple interest rate of 12% per annum. The loan agreement stipulated a repayment period of ten years starting from 20.11.2007. The Corporate Debtor made partial payments of Rs.21,37,000/- on 30.12.2013, Rs.5,00,000/- on 20.01.2014, and Rs.7,63,000/- on 06.02.2014. As of 31.03.2018, the principal outstanding was Rs.66,00,000/-, and the total interest due was Rs.1,14,22,256/-. The maturity
…The ten-year pe…
Corporate Debt…