M/s Embassy Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Redwoods Infrastructure Private Limited. The petition was filed due to a total outstanding debt of Rs. 2,16,03,836, including a principal amount of Rs. 1,00,00,000 and interest of Rs. 1,16,03,836. The date of default was 19.05.2023. The Corporate Debtor had sought financial assistance from the Financial Creditor to expand its business, leading to a loan agreement on 25.10.2016.
M/s Embassy Services Private Limited (Financial Creditor) and Redwoods Infrastructure Private Limited (Corporate Debtor) entered into a loan agreement on 25.10.2016, where the Financial Creditor lent Rs. 1,00,00,000 to the Corporate Debtor. The Corporate Debtor also provided a Demand Promissory Note dated 20.10.2016. The loan was initially to be repaid within 6 months, but the repayment period was extended to 31.12.2020 via letters dated 24.03.2017 and 01.04.2019. The Corporate Debtor defaulted on the repayment, leading the Financial Creditor to issue a legal notice on 05.05.2023. The date of default is 19.05.2023. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The
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The Corporate Debtor…
M/s Embassy Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Redwoods Infrastructure Private Limited. The petition was filed due to a total outstanding debt of Rs. 2,16,03,836, including a principal amount of Rs. 1,00,00,000 and interest of Rs. 1,16,03,836. The date of default was 19.05.2023. The Corporate Debtor had sought financial assistance from the Financial Creditor to expand its business, leading to a loan agreement on 25.10.2016.
M/s Embassy Services Private Limited (Financial Creditor) and Redwoods Infrastructure Private Limited (Corporate Debtor) entered into a loan agreement on 25.10.2016, where the Financial Creditor lent Rs. 1,00,00,000 to the Corporate Debtor. The Corporate Debtor also provided a Demand Promissory Note dated 20.10.2016. The loan was initially to be repaid within 6 months, but the repayment period was extended to 31.12.2020 via letters dated 24.03.2017 and 01.04.2019. The Corporate Debtor defaulted on the repayment, leading the Financial Creditor to issue a legal notice on 05.05.2023. The date of default is 19.05.2023. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The
…The Financial Creditor and the Corporate Debtor…
The Corporate Debtor…