G.L.E. India Solar Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the corporate insolvency resolution process against Bright Solar Limited for a debt of Rs. 4,02,37,377. The debt included principal, interest, and penalty. The applicant claimed that a business agreement existed between one of its parent companies and the respondent, which was later cancelled by the respondent invoking force majeure. A master loan agreement was also in place, with a repayment schedule. The applicant further stated that Ningbo Green-Light Energy Group Company, the parent company, had extended a loan to the respondent, which was later assigned to the applicant.
G.L.E. India Solar Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bright Solar Limited (Respondent/Corporate Debtor) for a debt of Rs. 4,02,37,377, including principal, interest, and penalty. The applicant claimed a business agreement existed between its parent company and the respondent, which the respondent cancelled invoking force majeure. A master loan agreement was in place, dated 18.01.2022, with an 8-month repayment period, later extended. Ningbo Green-Light Energy Group Company (parent company) allegedly extended a loan of Rs. 2,80,65,305 on 20.09.2021 to the respondent, later assigned to the applicant. Ningbo provided loans on various dates in 2019 and 2020, totaling Rs. 3,65,26,305 towards
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G.L.E. India Solar Pvt.…
M/s Spring (India) Law Firm issued a demand…
G.L.E. India Solar Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the corporate insolvency resolution process against Bright Solar Limited for a debt of Rs. 4,02,37,377. The debt included principal, interest, and penalty. The applicant claimed that a business agreement existed between one of its parent companies and the respondent, which was later cancelled by the respondent invoking force majeure. A master loan agreement was also in place, with a repayment schedule. The applicant further stated that Ningbo Green-Light Energy Group Company, the parent company, had extended a loan to the respondent, which was later assigned to the applicant.
G.L.E. India Solar Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bright Solar Limited (Respondent/Corporate Debtor) for a debt of Rs. 4,02,37,377, including principal, interest, and penalty. The applicant claimed a business agreement existed between its parent company and the respondent, which the respondent cancelled invoking force majeure. A master loan agreement was in place, dated 18.01.2022, with an 8-month repayment period, later extended. Ningbo Green-Light Energy Group Company (parent company) allegedly extended a loan of Rs. 2,80,65,305 on 20.09.2021 to the respondent, later assigned to the applicant. Ningbo provided loans on various dates in 2019 and 2020, totaling Rs. 3,65,26,305 towards
…G.L.E. India Solar Pvt.…
M/s Spring (India) Law Firm issued a demand…