M/s. K.K.R. India Financial Services Pvt. Ltd., the Operational Creditor, filed a petition under Section 7 of the IBC, 2016 against M/s. Kwality Ltd., the Corporate Debtor, seeking initiation of the Corporate Resolution Process due to the Corporate Debtor's inability to liquidate outstanding dues. The Financial Creditor had granted financial assistance to the Corporate Debtor, and a Facility Agreement dated June 24, 2016, was executed for procuring a loan of Rs. 2 Crores, which was disbursed in installments.
M/s. K.K.R. India Financial Services Pvt. Ltd. (Financial Creditor) filed a petition against M/s. Kwality Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor had provided financial assistance to the Corporate Debtor, formalized through a Facility Agreement dated June 24, 2016, for a loan of Rs. 2 Crores. The loan was disbursed in multiple tranches between June 2016 and October 2016, totaling Rs. 2,000,000,000/-. The Corporate Debtor defaulted on the repayment schedule, leading to an outstanding liability of Rs. 32,73,47,082/-, inclusive of delayed and penal interest, as of October 9, 2018. The Corporate Debtor admitted to the default but stated that a consortium of banks was considering restructuring the
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Facility Agreement…
Rs. 350,000…
M/s. K.K.R. India Financial Services Pvt. Ltd., the Operational Creditor, filed a petition under Section 7 of the IBC, 2016 against M/s. Kwality Ltd., the Corporate Debtor, seeking initiation of the Corporate Resolution Process due to the Corporate Debtor's inability to liquidate outstanding dues. The Financial Creditor had granted financial assistance to the Corporate Debtor, and a Facility Agreement dated June 24, 2016, was executed for procuring a loan of Rs. 2 Crores, which was disbursed in installments.
M/s. K.K.R. India Financial Services Pvt. Ltd. (Financial Creditor) filed a petition against M/s. Kwality Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Financial Creditor had provided financial assistance to the Corporate Debtor, formalized through a Facility Agreement dated June 24, 2016, for a loan of Rs. 2 Crores. The loan was disbursed in multiple tranches between June 2016 and October 2016, totaling Rs. 2,000,000,000/-. The Corporate Debtor defaulted on the repayment schedule, leading to an outstanding liability of Rs. 32,73,47,082/-, inclusive of delayed and penal interest, as of October 9, 2018. The Corporate Debtor admitted to the default but stated that a consortium of banks was considering restructuring the
…Facility Agreement…
Rs. 350,000…