Anit Finvest Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Ltd, the Corporate Debtor. The Financial Creditor sought to recover a loan of ₹1,70,00,000/- sanctioned to the Corporate Debtor, which the Corporate Debtor defaulted on. The petition was initially delayed due to defects, which were later rectified. The Corporate Debtor argued against the petition, claiming it was an arm-twisting tactic and time-barred.
Anit Finvest Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Ltd (Corporate Debtor). The Financial Creditor sanctioned a loan of ₹1,70,00,000 to the Corporate Debtor on 15.06.2015, with interest at 12% per annum. The Corporate Debtor defaulted on interest payments starting in January 2018. The Financial Creditor sent a recall letter on 10.07.2018, demanding repayment of the principal and outstanding interest. The Corporate Debtor requested more time, but the Financial Creditor issued a demand notice on 31.08.2018. The Corporate Debtor argued that the petition was an arm-twisting tactic, time-barred, and that it was facing
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The board of the Corporate Debtor resolved to…
The Corporate Debtor requested the Financial…
Anit Finvest Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Ltd, the Corporate Debtor. The Financial Creditor sought to recover a loan of ₹1,70,00,000/- sanctioned to the Corporate Debtor, which the Corporate Debtor defaulted on. The petition was initially delayed due to defects, which were later rectified. The Corporate Debtor argued against the petition, claiming it was an arm-twisting tactic and time-barred.
Anit Finvest Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Riga Sugar Co Ltd (Corporate Debtor). The Financial Creditor sanctioned a loan of ₹1,70,00,000 to the Corporate Debtor on 15.06.2015, with interest at 12% per annum. The Corporate Debtor defaulted on interest payments starting in January 2018. The Financial Creditor sent a recall letter on 10.07.2018, demanding repayment of the principal and outstanding interest. The Corporate Debtor requested more time, but the Financial Creditor issued a demand notice on 31.08.2018. The Corporate Debtor argued that the petition was an arm-twisting tactic, time-barred, and that it was facing
…The board of the Corporate Debtor resolved to…
The Corporate Debtor requested the Financial…