M/s Starwort Engineers Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Krosslink Infrastructure Ltd., alleging default in payment. The financial creditor and corporate debtor entered into a Facility Agreement dated 15.03.2017, where the corporate debtor borrowed Rs. 6,00,75,000/- as an Inter Corporate Deposit (ICD) at 15% per annum. The corporate debtor requested to renew the repayment period, which was extended to 30.03.2020. Despite a demand notice dated 01.02.2023, the outstanding amount of Rs. 13,07,49,534/- remained unpaid. A settlement agreement dated 06.03.2023 was executed, but the corporate debtor failed to comply with its stipulations.
M/s Starwort Engineers Pvt. Ltd. (Financial Creditor) filed a petition against M/s Krosslink Infrastructure Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Corporate Debtor had borrowed Rs. 6,00,75,000/- from the Financial Creditor as an Inter Corporate Deposit (ICD) as per a Facility Agreement dated 15.03.2017, with interest at 15% per annum. The repayment date was initially set for 14.03.2019. The Corporate Debtor requested an extension, which was granted until 30.03.2020. A demand notice was issued on 01.02.2023 for Rs. 13,07,49,534/-, but the amount remained unpaid. A settlement agreement was reached on 06.03.2023, requiring a payment of Rs. 1 crore by 09.03.2023, which was not honored. The
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Facility Agreement entered between Financial…
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M/s Starwort Engineers Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Krosslink Infrastructure Ltd., alleging default in payment. The financial creditor and corporate debtor entered into a Facility Agreement dated 15.03.2017, where the corporate debtor borrowed Rs. 6,00,75,000/- as an Inter Corporate Deposit (ICD) at 15% per annum. The corporate debtor requested to renew the repayment period, which was extended to 30.03.2020. Despite a demand notice dated 01.02.2023, the outstanding amount of Rs. 13,07,49,534/- remained unpaid. A settlement agreement dated 06.03.2023 was executed, but the corporate debtor failed to comply with its stipulations.
M/s Starwort Engineers Pvt. Ltd. (Financial Creditor) filed a petition against M/s Krosslink Infrastructure Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP. The Corporate Debtor had borrowed Rs. 6,00,75,000/- from the Financial Creditor as an Inter Corporate Deposit (ICD) as per a Facility Agreement dated 15.03.2017, with interest at 15% per annum. The repayment date was initially set for 14.03.2019. The Corporate Debtor requested an extension, which was granted until 30.03.2020. A demand notice was issued on 01.02.2023 for Rs. 13,07,49,534/-, but the amount remained unpaid. A settlement agreement was reached on 06.03.2023, requiring a payment of Rs. 1 crore by 09.03.2023, which was not honored. The
…Facility Agreement entered between Financial…
Corporate Debtor…