Shree Sulphurics Pvt Ltd filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against C M Smith and Sons Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP), appoint an Interim Resolution Professional (IRP), and declare a moratorium. The application was based on a claim that the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/- advanced by the Financial Creditor. The Corporate Debtor, in its reply, contested the application, alleging that it was filed at the behest of the majority shareholder and constituted an abuse of the process of law. The Corporate Debtor also raised concerns about the locus standi of the applicant and questioned the validity of the debt.
On 18.04.2023, Shree Sulphurics Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against C M Smith and Sons Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on a claim that the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/-. The Financial Creditor had advanced this sum to the Corporate Debtor vide a sanction letter dated 01.05.2022, with the Corporate Debtor agreeing to pay interest at 15% per annum and repay the entire amount by 28.02.2023. However, the Corporate Debtor repaid only Rs. 43,40,000/-, leaving an outstanding amount of Rs. 3,46,60,000/- plus interest. The Financial Creditor issued a notice to the Corporate Debtor on 21.03.2023, recalling the
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Shree Sulphurics Private Limited filed an…
Financial Creditor issued a sanction letter…
Shree Sulphurics Pvt Ltd filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against C M Smith and Sons Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP), appoint an Interim Resolution Professional (IRP), and declare a moratorium. The application was based on a claim that the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/- advanced by the Financial Creditor. The Corporate Debtor, in its reply, contested the application, alleging that it was filed at the behest of the majority shareholder and constituted an abuse of the process of law. The Corporate Debtor also raised concerns about the locus standi of the applicant and questioned the validity of the debt.
On 18.04.2023, Shree Sulphurics Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against C M Smith and Sons Ltd, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on a claim that the Corporate Debtor defaulted on a loan of Rs. 3,90,00,000/-. The Financial Creditor had advanced this sum to the Corporate Debtor vide a sanction letter dated 01.05.2022, with the Corporate Debtor agreeing to pay interest at 15% per annum and repay the entire amount by 28.02.2023. However, the Corporate Debtor repaid only Rs. 43,40,000/-, leaving an outstanding amount of Rs. 3,46,60,000/- plus interest. The Financial Creditor issued a notice to the Corporate Debtor on 21.03.2023, recalling the
…Shree Sulphurics Private Limited filed an…
Financial Creditor issued a sanction letter…