Kotak Resources filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Raninga Ispat Private Limited, styling itself as a corporate debtor. Kotak Resources claimed to be a financial creditor, asserting that Raninga Ispat defaulted on a loan and commission payments. The petition was based on a loan agreement where Navis Multitrade Private Limited lent money to Raninga Ispat, with Kotak Resources later claiming rights to the debt through an assignment deed. The respondent, Raninga Ispat, contested the petition, arguing that Kotak Resources was not a financial creditor, the debt was not a financial debt, and the assignment deed was invalid.
Kotak Resources, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raninga Ispat Private Limited. The petition was based on a loan agreement where Navis Multitrade Private Limited lent Rs. 1.00 crore to Raninga Ispat. Kotak Resources claimed rights to the debt through an assignment deed dated 25.10.2017. The terms of the agreement included a commission of Rs. 0.50 per kg of pig iron manufactured by Raninga Ispat, with a guaranteed production of 80 tonnes per day. Raninga Ispat allegedly defaulted on both the loan repayment and commission payments, leading to an outstanding amount of Rs. 8,30,00,000/- along with 18% interest per annum.
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Kotak Resources filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Raninga Ispat Private Limited, styling itself as a corporate debtor. Kotak Resources claimed to be a financial creditor, asserting that Raninga Ispat defaulted on a loan and commission payments. The petition was based on a loan agreement where Navis Multitrade Private Limited lent money to Raninga Ispat, with Kotak Resources later claiming rights to the debt through an assignment deed. The respondent, Raninga Ispat, contested the petition, arguing that Kotak Resources was not a financial creditor, the debt was not a financial debt, and the assignment deed was invalid.
Kotak Resources, claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Raninga Ispat Private Limited. The petition was based on a loan agreement where Navis Multitrade Private Limited lent Rs. 1.00 crore to Raninga Ispat. Kotak Resources claimed rights to the debt through an assignment deed dated 25.10.2017. The terms of the agreement included a commission of Rs. 0.50 per kg of pig iron manufactured by Raninga Ispat, with a guaranteed production of 80 tonnes per day. Raninga Ispat allegedly defaulted on both the loan repayment and commission payments, leading to an outstanding amount of Rs. 8,30,00,000/- along with 18% interest per annum.
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Navis Multitrade…