The case involves a petition filed by Rahul Carbon Commercials Private Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against New Hind Silk House Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor availed financial assistance of Rs. 1,00,00,000, with a total default amount of Rs. 1,26,35,000 including interest. The date of default was stated as April 1, 2022. The Corporate Debtor acknowledged receiving the financial assistance but cited business downturn and the COVID-19 pandemic as reasons for their inability to repay.
Rahul Carbon Commercials Private Limited ('Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process ('CIRP') against New Hind Silk House Private Limited ('Corporate Debtor'). The Corporate Debtor availed financial assistance of Rs. 1,00,00,000 from the Financial Creditor. The total amount in default was Rs. 1,26,35,000, including interest, with the date of default being April 1, 2022. The Financial Creditor proposed terms and conditions in a letter dated April 2, 2018, which the Corporate Debtor accepted via a letter dated April 3, 2018. The Financial Creditor disbursed Rs. 1,00,00,000 on April 3, 2018, with a 10% annual interest rate, repayable by March 31, 2022. The
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Financial Creditor proposed terms and…
Corporate Debtor…
The case involves a petition filed by Rahul Carbon Commercials Private Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against New Hind Silk House Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor availed financial assistance of Rs. 1,00,00,000, with a total default amount of Rs. 1,26,35,000 including interest. The date of default was stated as April 1, 2022. The Corporate Debtor acknowledged receiving the financial assistance but cited business downturn and the COVID-19 pandemic as reasons for their inability to repay.
Rahul Carbon Commercials Private Limited ('Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process ('CIRP') against New Hind Silk House Private Limited ('Corporate Debtor'). The Corporate Debtor availed financial assistance of Rs. 1,00,00,000 from the Financial Creditor. The total amount in default was Rs. 1,26,35,000, including interest, with the date of default being April 1, 2022. The Financial Creditor proposed terms and conditions in a letter dated April 2, 2018, which the Corporate Debtor accepted via a letter dated April 3, 2018. The Financial Creditor disbursed Rs. 1,00,00,000 on April 3, 2018, with a 10% annual interest rate, repayable by March 31, 2022. The
…Financial Creditor proposed terms and…
Corporate Debtor…