The case pertains to an application filed by M/s 10i Commerce Service Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant stated that it had defaulted on its debt obligations to its lenders, FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The lenders had issued acceleration notices demanding payment of outstanding amounts. The Corporate Applicant acknowledged its inability to pay the debts and passed a special resolution to file the application under Section 10 of the IBC.
M/s 10i Commerce Service Private Limited (the 'Corporate Applicant') filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant is a Private Limited Company incorporated on 10.03.2015. It 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,
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M/s 10i Commerce…
Facility agreement for…
The case pertains to an application filed by M/s 10i Commerce Service Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant stated that it had defaulted on its debt obligations to its lenders, FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The lenders had issued acceleration notices demanding payment of outstanding amounts. The Corporate Applicant acknowledged its inability to pay the debts and passed a special resolution to file the application under Section 10 of the IBC.
M/s 10i Commerce Service Private Limited (the 'Corporate Applicant') filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant is a Private Limited Company incorporated on 10.03.2015. It 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,
…M/s 10i Commerce…
Facility agreement for…