The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, filed by M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) against M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor) seeking initiation of corporate insolvency resolution process. The corporate debtor had obtained a loan of Rs. 25,00,000 from the financial creditor in 2011, agreeing to repay with 13% interest per annum. Repayments were made until 2014, after which the corporate debtor stopped paying the annual interest. A partial payment of Rs. 10,00,000 was made in 2014 towards the principal. As of June 15, 2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor.
On March 6, 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 an interest rate of 13% per annum. The repayment was made according to the arrangement between the parties. However, after April 1, 2014, the corporate debtor stopped paying the annual interest. On August 12, 2014, the corporate debtor paid Rs. 10,00,000 towards the principal amount. As of June 15, 2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor. The financial creditor then filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against the corporate
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Corporate debtor…
Corporate debtor…
The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, filed by M/s. Karishma Suppliers Pvt. Ltd. (financial creditor) against M/s. Shree Krishna Tea Co. Pvt. Ltd. (corporate debtor) seeking initiation of corporate insolvency resolution process. The corporate debtor had obtained a loan of Rs. 25,00,000 from the financial creditor in 2011, agreeing to repay with 13% interest per annum. Repayments were made until 2014, after which the corporate debtor stopped paying the annual interest. A partial payment of Rs. 10,00,000 was made in 2014 towards the principal. As of June 15, 2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor.
On March 6, 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 an interest rate of 13% per annum. The repayment was made according to the arrangement between the parties. However, after April 1, 2014, the corporate debtor stopped paying the annual interest. On August 12, 2014, the corporate debtor paid Rs. 10,00,000 towards the principal amount. As of June 15, 2017, the corporate debtor owed Rs. 22,78,257 to the financial creditor. The financial creditor then filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of corporate insolvency resolution process against the corporate
…Corporate debtor…
Corporate debtor…