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, incorporated on 10.03.2015, is engaged in operating an e-commerce platform. It obtained loans from FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The Corporate Debtor defaulted on interest payments, leading the lenders to issue acceleration notices. The Corporate Debtor acknowledged the default but expressed inability to pay due to insufficient funds. The shareholders passed a special resolution to file an application under Section 10 of the IBC.
M/s 10i Commerce Service Private Limited, the Corporate Applicant, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company, incorporated on 10.03.2015, operates an e-commerce platform. It 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 disbursed by Lender 1 was USD 16,140,000, and by Lender 2 was INR 1,14,14,84,018. The Corporate Debtor
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M/s 10i Commerce…
Corporate Applicant…
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, incorporated on 10.03.2015, is engaged in operating an e-commerce platform. It obtained loans from FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The Corporate Debtor defaulted on interest payments, leading the lenders to issue acceleration notices. The Corporate Debtor acknowledged the default but expressed inability to pay due to insufficient funds. The shareholders passed a special resolution to file an application under Section 10 of the IBC.
M/s 10i Commerce Service Private Limited, the Corporate Applicant, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company, incorporated on 10.03.2015, operates an e-commerce platform. It 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 disbursed by Lender 1 was USD 16,140,000, and by Lender 2 was INR 1,14,14,84,018. The Corporate Debtor
…M/s 10i Commerce…
Corporate Applicant…