The case involves a petition filed by Exim Scrips Dealers Pvt. Ltd., the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Rathi Graphics Technologies Ltd., the corporate debtor, due to its inability to liquidate its financial debt. The corporate debtor had taken a loan of Rs. 95,00,000 from the financial creditor on 17.07.2012, which was repayable on demand with interest. The corporate debtor defaulted on payments after 31.03.2018.
Exim Scrips Dealers Pvt. Ltd. (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rathi Graphics Technologies Ltd. (corporate debtor). A loan agreement dated 17.07.2012 was entered into between the parties, where the financial creditor disbursed Rs. 95,00,000 to the corporate debtor. The loan was repayable on demand with interest at 9% p.a. payable monthly, with an additional 2% p.a. on inter-corporate deposits. The corporate debtor made payments until 31.03.2018 but defaulted thereafter. The financial creditor issued notices on 10.04.2018 and 30.04.2018, to which the corporate debtor replied on 15.05.2018, admitting liability and requesting time for payment. No payment was received until 10.02.2019. The date of
…Sign in to view the parties.
Loan facility agreement entered into between…
Rathi Graphics…
The case involves a petition filed by Exim Scrips Dealers Pvt. Ltd., the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Rathi Graphics Technologies Ltd., the corporate debtor, due to its inability to liquidate its financial debt. The corporate debtor had taken a loan of Rs. 95,00,000 from the financial creditor on 17.07.2012, which was repayable on demand with interest. The corporate debtor defaulted on payments after 31.03.2018.
Exim Scrips Dealers Pvt. Ltd. (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rathi Graphics Technologies Ltd. (corporate debtor). A loan agreement dated 17.07.2012 was entered into between the parties, where the financial creditor disbursed Rs. 95,00,000 to the corporate debtor. The loan was repayable on demand with interest at 9% p.a. payable monthly, with an additional 2% p.a. on inter-corporate deposits. The corporate debtor made payments until 31.03.2018 but defaulted thereafter. The financial creditor issued notices on 10.04.2018 and 30.04.2018, to which the corporate debtor replied on 15.05.2018, admitting liability and requesting time for payment. No payment was received until 10.02.2019. The date of
…Loan facility agreement entered into between…
Rathi Graphics…