The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP). Ganges Ink and Resins Private Limited, the petitioner, claimed that Sapphire Space Infracon Private Limited, the respondent, defaulted in payment of a financial debt. The petitioner provided Form-1, a pro-note dated 29.10.2013, and a ledger account showing a partial payment by the respondent. The petitioner sent a letter on 07.05.2016 demanding the outstanding loan amount. The respondent admitted the liability but cited unforeseen events preventing repayment.
Ganges Ink and Resins Private Limited (the Petitioner) filed a petition against Sapphire Space Infracon Private Limited (the Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt. The Respondent had borrowed ₹ 15,00,000/- from the Petitioner, repayable with interest at 9% per annum, as evidenced by a pro-note dated 29.10.2013. The Respondent made a partial payment of ₹ 1,35,000/- on 15.07.2015. The Petitioner sent a letter on 07.05.2016 demanding the outstanding amount of ₹ 17,56,500/-, and the Respondent replied on 28.06.2016, stating the amount would be repaid within 6 months. The Respondent admitted the liability in its reply to the
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Date of the pro-note indicating the loan…
The Respondent made a…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP). Ganges Ink and Resins Private Limited, the petitioner, claimed that Sapphire Space Infracon Private Limited, the respondent, defaulted in payment of a financial debt. The petitioner provided Form-1, a pro-note dated 29.10.2013, and a ledger account showing a partial payment by the respondent. The petitioner sent a letter on 07.05.2016 demanding the outstanding loan amount. The respondent admitted the liability but cited unforeseen events preventing repayment.
Ganges Ink and Resins Private Limited (the Petitioner) filed a petition against Sapphire Space Infracon Private Limited (the Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt. The Respondent had borrowed ₹ 15,00,000/- from the Petitioner, repayable with interest at 9% per annum, as evidenced by a pro-note dated 29.10.2013. The Respondent made a partial payment of ₹ 1,35,000/- on 15.07.2015. The Petitioner sent a letter on 07.05.2016 demanding the outstanding amount of ₹ 17,56,500/-, and the Respondent replied on 28.06.2016, stating the amount would be repaid within 6 months. The Respondent admitted the liability in its reply to the
…Date of the pro-note indicating the loan…
The Respondent made a…