The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Shilpi Cables Private Limited (Financial Creditor) against Jhunsons Chemicals Private Limited (Corporate Debtor) for an amount of Rs. 2,21,53,531/- as of 20.08.2019. Shilpi Cables Private Limited is already undergoing liquidation as a CIRP was initiated against them in IB 461/2017. The Adjudicating Authority allowed the Liquidator to initiate appropriate legal proceedings against the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956 on 07.09.1992 and is engaged in the business of Gamma Irradiation and Sterilization facility. The Applicant extended loan unsecured/inter corporate deposits forming part of long-term borrowings amounting
…Shilpi Cables Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jhunsons Chemicals Private Limited (Corporate Debtor). The claim amount was Rs. 2,21,53,531/- as of 20.08.2019. Shilpi Cables Private Limited is itself undergoing liquidation. The Corporate Debtor was incorporated on 07.09.1992 and is in the business of Gamma Irradiation and Sterilization. The Financial Creditor extended unsecured loans/inter-corporate deposits totaling Rs. 1,57,00,000/- to the Corporate Debtor. The disbursal of the loan occurred between 17.09.2014 and 21.05.2015. The date of default was 16.10.2019, when the demand notice for repayment was issued. The
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Jhunsons Chemicals…
The Applicant and SKD executed a Memorandum of…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Shilpi Cables Private Limited (Financial Creditor) against Jhunsons Chemicals Private Limited (Corporate Debtor) for an amount of Rs. 2,21,53,531/- as of 20.08.2019. Shilpi Cables Private Limited is already undergoing liquidation as a CIRP was initiated against them in IB 461/2017. The Adjudicating Authority allowed the Liquidator to initiate appropriate legal proceedings against the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956 on 07.09.1992 and is engaged in the business of Gamma Irradiation and Sterilization facility. The Applicant extended loan unsecured/inter corporate deposits forming part of long-term borrowings amounting
…Shilpi Cables Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jhunsons Chemicals Private Limited (Corporate Debtor). The claim amount was Rs. 2,21,53,531/- as of 20.08.2019. Shilpi Cables Private Limited is itself undergoing liquidation. The Corporate Debtor was incorporated on 07.09.1992 and is in the business of Gamma Irradiation and Sterilization. The Financial Creditor extended unsecured loans/inter-corporate deposits totaling Rs. 1,57,00,000/- to the Corporate Debtor. The disbursal of the loan occurred between 17.09.2014 and 21.05.2015. The date of default was 16.10.2019, when the demand notice for repayment was issued. The
…Jhunsons Chemicals…
The Applicant and SKD executed a Memorandum of…