The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Horizon Commtrade Limited (Financial Creditor/Petitioner) against Jasmine Commodities Private Limited (Corporate Debtor/Respondent). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, alleging default on repayment of a loan provided under an intercompany loan agreement.
Horizon Commtrade Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jasmine Commodities Private Limited (Corporate Debtor). The Financial Creditor claimed to have provided a loan to the Corporate Debtor under an intercompany loan agreement dated 10.09.2019. The Financial Creditor disbursed payments to the borrower as per the loan agreement. The Corporate Debtor defaulted on the repayment of the loan, which was to be repaid after 55 months from 10.09.2019, with principal and interest due by 17.04.2024. The Financial Creditor issued a loan recall notice on April 20, 2024, due to the default. The Corporate Debtor argued that the Financial
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Intercompany loan agreement was executed…
First payment of Rs.…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Horizon Commtrade Limited (Financial Creditor/Petitioner) against Jasmine Commodities Private Limited (Corporate Debtor/Respondent). The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, alleging default on repayment of a loan provided under an intercompany loan agreement.
Horizon Commtrade Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jasmine Commodities Private Limited (Corporate Debtor). The Financial Creditor claimed to have provided a loan to the Corporate Debtor under an intercompany loan agreement dated 10.09.2019. The Financial Creditor disbursed payments to the borrower as per the loan agreement. The Corporate Debtor defaulted on the repayment of the loan, which was to be repaid after 55 months from 10.09.2019, with principal and interest due by 17.04.2024. The Financial Creditor issued a loan recall notice on April 20, 2024, due to the default. The Corporate Debtor argued that the Financial
…Intercompany loan agreement was executed…
First payment of Rs.…