The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. A. Pandian (Financial Creditor) against Kothari Industrial Corporation Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had approached them for short-term advances for trading in rock and phosphate, and based on assurances, the Financial Creditor advanced money between 2013 and 2014.
Mr. A. Pandian, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kothari Industrial Corporation Limited, the Corporate Debtor. The Financial Creditor claimed to have advanced money to the Corporate Debtor for short-term trading in rock and phosphate between January 4, 2013, and June 19, 2014. The total disbursed amount was Rs. 1,25,00,000, out of which the Corporate Debtor made payments totaling Rs. 97,00,000. As of June 10, 2013, the balance due was Rs. 28,00,000. By December 31, 2014, after calculating interest at 18% per annum, the total amount due became Rs. 49,20,305, which further increased to Rs. 66,67,271 including additional interest. The Financial Creditor referred to a loan amount statement
…Sign in to view the parties.
The Financial Creditor started advancing money…
The Financial Creditor…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. A. Pandian (Financial Creditor) against Kothari Industrial Corporation Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had approached them for short-term advances for trading in rock and phosphate, and based on assurances, the Financial Creditor advanced money between 2013 and 2014.
Mr. A. Pandian, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kothari Industrial Corporation Limited, the Corporate Debtor. The Financial Creditor claimed to have advanced money to the Corporate Debtor for short-term trading in rock and phosphate between January 4, 2013, and June 19, 2014. The total disbursed amount was Rs. 1,25,00,000, out of which the Corporate Debtor made payments totaling Rs. 97,00,000. As of June 10, 2013, the balance due was Rs. 28,00,000. By December 31, 2014, after calculating interest at 18% per annum, the total amount due became Rs. 49,20,305, which further increased to Rs. 66,67,271 including additional interest. The Financial Creditor referred to a loan amount statement
…The Financial Creditor started advancing money…
The Financial Creditor…