The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Ms. Manju Gupta, the Petitioner/Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Orchid Textiles Private Limited, the Respondent/Corporate Debtor.
The corporate debtor, Orchid Textiles Private Limited, was incorporated on 13.04.2006 and is in the textiles business.
In 2014, the corporate debtor approached the petitioner, Manju Gupta, to secure a loan of Rs. 60,00,000/- until 01.04.2018.
A loan agreement was entered into on 12.12.2014 between the petitioner and the corporate debtor.
The corporate debtor failed to pay even a single installment of interest as per the terms of the agreement.
A supplementary MOU was entered into on 01.04.2018 for a further period of 1 year, i.e., till 31.03.2019, with interest at 18% per annum.
On 01.07.2019, the petitioner approached the Arbitrator to get the settlement done.
…Sign in to view the parties.
Corporate debtor…
Loan agreement entered…
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Ms. Manju Gupta, the Petitioner/Financial Creditor, to initiate the Corporate Insolvency Resolution Process (CIRP) against Orchid Textiles Private Limited, the Respondent/Corporate Debtor.
The corporate debtor, Orchid Textiles Private Limited, was incorporated on 13.04.2006 and is in the textiles business.
In 2014, the corporate debtor approached the petitioner, Manju Gupta, to secure a loan of Rs. 60,00,000/- until 01.04.2018.
A loan agreement was entered into on 12.12.2014 between the petitioner and the corporate debtor.
The corporate debtor failed to pay even a single installment of interest as per the terms of the agreement.
A supplementary MOU was entered into on 01.04.2018 for a further period of 1 year, i.e., till 31.03.2019, with interest at 18% per annum.
On 01.07.2019, the petitioner approached the Arbitrator to get the settlement done.
…Corporate debtor…
Loan agreement entered…