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 the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a loan. The Financial Creditor had advanced a loan of Rs. 2,00,000/- to the Corporate Debtor on 31.12.2015, which was later renewed and an additional loan of Rs. 5,00,000/- was disbursed on 22.12.2016. The Corporate Debtor failed to repay the loan despite repeated requests and assurances, leading to the filing of the petition.
M/s Polaris Healthcare, the Petitioner/Financial Creditor, advanced a loan of Rs. 2,00,000/- to M/s Empirical Medi Solutions Private Limited, the Corporate Debtor, on 31.12.2015 at an interest rate of 12%. This loan was documented through a Memorandum of Understanding (MoU) dated 28.12.2015. Subsequently, on 22.12.2016, the loan was renewed, and an additional amount of Rs. 5,00,000/- was disbursed to the Corporate Debtor under the same terms and conditions. The Corporate Debtor failed to repay the loan amount, leading the Petitioner to issue a loan recall notice on 14.06.2018, demanding Rs. 8,34,630/-, which included the principal amount of Rs. 7,00,000/- and unpaid interest of Rs. 1,34,630/- calculated up to March 2018. In response, the Corporate Debtor, vide letter
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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 the Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a loan. The Financial Creditor had advanced a loan of Rs. 2,00,000/- to the Corporate Debtor on 31.12.2015, which was later renewed and an additional loan of Rs. 5,00,000/- was disbursed on 22.12.2016. The Corporate Debtor failed to repay the loan despite repeated requests and assurances, leading to the filing of the petition.
M/s Polaris Healthcare, the Petitioner/Financial Creditor, advanced a loan of Rs. 2,00,000/- to M/s Empirical Medi Solutions Private Limited, the Corporate Debtor, on 31.12.2015 at an interest rate of 12%. This loan was documented through a Memorandum of Understanding (MoU) dated 28.12.2015. Subsequently, on 22.12.2016, the loan was renewed, and an additional amount of Rs. 5,00,000/- was disbursed to the Corporate Debtor under the same terms and conditions. The Corporate Debtor failed to repay the loan amount, leading the Petitioner to issue a loan recall notice on 14.06.2018, demanding Rs. 8,34,630/-, which included the principal amount of Rs. 7,00,000/- and unpaid interest of Rs. 1,34,630/- calculated up to March 2018. In response, the Corporate Debtor, vide letter
…Petitioner adva…
Parties entere…