The case involves a petition filed by M/s 10i Commerce Service Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of itself. The Corporate Applicant, facing financial difficulties, has defaulted on loan repayments to its lenders, FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The lenders issued acceleration notices demanding payment of outstanding amounts, which the Corporate Debtor acknowledged but was unable to pay due to insufficiency of funds. The Corporate Debtor passed a special resolution to file an application under Section 10 of the IBC, 2016.
M/s 10i Commerce Service Private Limited, a private limited company incorporated on 10.03.2015, filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company operates an e-commerce platform. The Corporate Applicant obtained USD term loan facilities from FSX PTE LTD (Lender 1) amounting to USD 12,640,000, USD 2,000,000 and USD 1,500,000 vide facility agreements dated 06.01.2021, 08.07.2021 and 29.04.2022 respectively. It also obtained Indian rupee term loans from Mr. Nandan M. Nilekeni (Lender 2) amounting to INR 88,37,40,000, INR 14,52,44,018 and INR 11,25,00,000 vide facility agreements dated 06.01.2021, 30.07.2021 and 01.04.2022 respectively. The total amount
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M/s 10i Commerce…
Facility agreement…
The case involves a petition filed by M/s 10i Commerce Service Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) in respect of itself. The Corporate Applicant, facing financial difficulties, has defaulted on loan repayments to its lenders, FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The lenders issued acceleration notices demanding payment of outstanding amounts, which the Corporate Debtor acknowledged but was unable to pay due to insufficiency of funds. The Corporate Debtor passed a special resolution to file an application under Section 10 of the IBC, 2016.
M/s 10i Commerce Service Private Limited, a private limited company incorporated on 10.03.2015, filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company operates an e-commerce platform. The Corporate Applicant obtained USD term loan facilities from FSX PTE LTD (Lender 1) amounting to USD 12,640,000, USD 2,000,000 and USD 1,500,000 vide facility agreements dated 06.01.2021, 08.07.2021 and 29.04.2022 respectively. It also obtained Indian rupee term loans from Mr. Nandan M. Nilekeni (Lender 2) amounting to INR 88,37,40,000, INR 14,52,44,018 and INR 11,25,00,000 vide facility agreements dated 06.01.2021, 30.07.2021 and 01.04.2022 respectively. The total amount
…M/s 10i Commerce…
Facility agreement…