The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Silbhadar Vyapaar Private Limited (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kordash Handlers and Logistics Private Limited (Corporate Debtor) for a total outstanding default amount of Rs. 63,89,81,010. The Financial Creditor had taken over the debt of the Corporate Debtor from Somerset Infraprojects Private Limited, which had extended the loan to the Corporate Debtor to purchase land. The Corporate Debtor defaulted on repayment.
Silbhadar Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kordash Handlers and Logistics Private Limited, the Corporate Debtor. The Financial Creditor claimed a total outstanding default amount of Rs. 63,89,81,010. The debt originated from a loan extended by Somerset Infraprojects Private Limited to the Corporate Debtor for land purchase, which was later taken over by the Financial Creditor. As per the tripartite agreement, the Financial Creditor was entitled to interest @6% p.a after 31/12/2022. The Corporate Debtor defaulted on the repayment, with the date of default mentioned as 18/05/2023. The Corporate Debtor admitted to
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Financial Creditor entitled to interest @6%…
Applicant vide letter…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Silbhadar Vyapaar Private Limited (Financial Creditor) seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Kordash Handlers and Logistics Private Limited (Corporate Debtor) for a total outstanding default amount of Rs. 63,89,81,010. The Financial Creditor had taken over the debt of the Corporate Debtor from Somerset Infraprojects Private Limited, which had extended the loan to the Corporate Debtor to purchase land. The Corporate Debtor defaulted on repayment.
Silbhadar Vyapaar Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kordash Handlers and Logistics Private Limited, the Corporate Debtor. The Financial Creditor claimed a total outstanding default amount of Rs. 63,89,81,010. The debt originated from a loan extended by Somerset Infraprojects Private Limited to the Corporate Debtor for land purchase, which was later taken over by the Financial Creditor. As per the tripartite agreement, the Financial Creditor was entitled to interest @6% p.a after 31/12/2022. The Corporate Debtor defaulted on the repayment, with the date of default mentioned as 18/05/2023. The Corporate Debtor admitted to
…Financial Creditor entitled to interest @6%…
Applicant vide letter…