The case involves a petition filed by M/s Polaris Healthcare, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Empirical Medi Solutions Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. Polaris Healthcare had extended an unsecured loan of Rs. 2,00,000 to Empirical Medi Solutions on 31.12.2015, which was later renewed and an additional loan of Rs. 5,00,000 was disbursed on 22.12.2016. Despite repeated requests and assurances, the Corporate Debtor failed to repay the loan amount along with interest, leading to a total outstanding of Rs. 9,34,787. The Financial Creditor issued a loan recall notice on 14.06.2018, but the Corporate Debtor
…On 31.12.2015, Polaris Healthcare extended an unsecured loan of Rs. 2,00,000 to Empirical Medi Solutions Private Limited at 12% interest, formalized by a Memorandum of Understanding (MoU) dated 28.12.2015. On 22.12.2016, the loan was renewed, and an additional Rs. 5,00,000 was disbursed under the same terms. Polaris Healthcare claims Empirical Medi Solutions defaulted, leading to an outstanding of Rs. 9,34,787, including principal (Rs. 7,00,000) and interest (Rs. 2,34,787). A loan recall notice was issued on 14.06.2018, demanding Rs. 8,34,630. Empirical Medi Solutions acknowledged the debt in a letter dated 19.06.2018, citing financial difficulties and requesting more time. The debt is also reflected in Empirical Medi Solutions' balance sheets for 2016-2017, 2017-2018,
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Polaris Healthcare disbursed Rs. 2,00,000 to…
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The case involves a petition filed by M/s Polaris Healthcare, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Empirical Medi Solutions Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. Polaris Healthcare had extended an unsecured loan of Rs. 2,00,000 to Empirical Medi Solutions on 31.12.2015, which was later renewed and an additional loan of Rs. 5,00,000 was disbursed on 22.12.2016. Despite repeated requests and assurances, the Corporate Debtor failed to repay the loan amount along with interest, leading to a total outstanding of Rs. 9,34,787. The Financial Creditor issued a loan recall notice on 14.06.2018, but the Corporate Debtor
…On 31.12.2015, Polaris Healthcare extended an unsecured loan of Rs. 2,00,000 to Empirical Medi Solutions Private Limited at 12% interest, formalized by a Memorandum of Understanding (MoU) dated 28.12.2015. On 22.12.2016, the loan was renewed, and an additional Rs. 5,00,000 was disbursed under the same terms. Polaris Healthcare claims Empirical Medi Solutions defaulted, leading to an outstanding of Rs. 9,34,787, including principal (Rs. 7,00,000) and interest (Rs. 2,34,787). A loan recall notice was issued on 14.06.2018, demanding Rs. 8,34,630. Empirical Medi Solutions acknowledged the debt in a letter dated 19.06.2018, citing financial difficulties and requesting more time. The debt is also reflected in Empirical Medi Solutions' balance sheets for 2016-2017, 2017-2018,
…Polaris Healthcare disbursed Rs. 2,00,000 to…
Parties entered into a…