The case involves an application filed by M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor). The corporate debtor had obtained a loan of Rs. 25,00,000 from the financial creditor on 06-03-2011, agreeing to repay it with 13% interest per annum. Repayments were made until 01-04-2014, after which they stopped. On 12-08-2014, Rs. 10,00,000 was paid towards the principal. The Registry identified defects in the application, which were subsequently rectified by the financial creditor.
On 06-03-2011, M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor) obtained a loan of Rs. 25,00,000 from M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) with an agreement to repay the loan with 13% interest per annum. The corporate debtor made repayments until 01-04-2014. On 12-08-2014, the corporate debtor paid Rs. 10,00,000 towards the principal amount. As of 15-06-2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor. The financial creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate corporate insolvency resolution process. The Registry initially identified defects in the application, which were later rectified. The corporate debtor did not respond to the notice issued by the Tribunal.
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The case involves an application filed by M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor). The corporate debtor had obtained a loan of Rs. 25,00,000 from the financial creditor on 06-03-2011, agreeing to repay it with 13% interest per annum. Repayments were made until 01-04-2014, after which they stopped. On 12-08-2014, Rs. 10,00,000 was paid towards the principal. The Registry identified defects in the application, which were subsequently rectified by the financial creditor.
On 06-03-2011, M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor) obtained a loan of Rs. 25,00,000 from M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) with an agreement to repay the loan with 13% interest per annum. The corporate debtor made repayments until 01-04-2014. On 12-08-2014, the corporate debtor paid Rs. 10,00,000 towards the principal amount. As of 15-06-2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor. The financial creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate corporate insolvency resolution process. The Registry initially identified defects in the application, which were later rectified. The corporate debtor did not respond to the notice issued by the Tribunal.
Corporate debtor…
Corporate d…