Eye Care Distributors, the Financial Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Calix Life Sciences Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay an aggregate sum of Rs. 1,52,93,750.44 as of August 24, 2021, including principal and interest. The Corporate Debtor is a Group Company of Shravan Medisales Private Limited, which approached the Financial Creditor for a loan. A loan agreement was executed on October 10, 2018, with terms including disbursement
…Eye Care Distributors (Financial Creditor) sought to initiate CIRP against Calix Life Sciences Private Limited (Corporate Debtor) for defaulting on a loan. The loan agreement, dated October 10, 2018, included a provision for converting the debt into equity by December 31, 2020. The Corporate Debtor is a group company of Shravan Medisales Private Limited (Borrower). The Borrower defaulted from August 21, 2020, and failed to convert the debt into equity. The total outstanding amount was Rs. 1,52,93,750.44 as of August 24, 2021, including a principal of Rs. 1,13,67,672 and interest at 24% per annum. The Corporate Debtor acknowledged the debt and liability in a reply dated November 26, 2020. The Financial Creditor sent a loan recall notice on July 25, 2021. The Corporate
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Loan Agreement executed between Eye Care…
Borrower committed…
Eye Care Distributors, the Financial Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Calix Life Sciences Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay an aggregate sum of Rs. 1,52,93,750.44 as of August 24, 2021, including principal and interest. The Corporate Debtor is a Group Company of Shravan Medisales Private Limited, which approached the Financial Creditor for a loan. A loan agreement was executed on October 10, 2018, with terms including disbursement
…Eye Care Distributors (Financial Creditor) sought to initiate CIRP against Calix Life Sciences Private Limited (Corporate Debtor) for defaulting on a loan. The loan agreement, dated October 10, 2018, included a provision for converting the debt into equity by December 31, 2020. The Corporate Debtor is a group company of Shravan Medisales Private Limited (Borrower). The Borrower defaulted from August 21, 2020, and failed to convert the debt into equity. The total outstanding amount was Rs. 1,52,93,750.44 as of August 24, 2021, including a principal of Rs. 1,13,67,672 and interest at 24% per annum. The Corporate Debtor acknowledged the debt and liability in a reply dated November 26, 2020. The Financial Creditor sent a loan recall notice on July 25, 2021. The Corporate
…Loan Agreement executed between Eye Care…
Borrower committed…