The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Financial Creditors (Wrinkle Marketing Pvt Ltd and Somnath Mechandise Private Limited) against the Corporate Debtor, Roselabs Bioscience Limited, for initiating the Corporate Insolvency Resolution Process (CIRP). The total amount in default was Rs. 18,74,23,136.46 as of 31.07.2022, with the date of default being 01.09.2013. The Financial Creditors had granted financial assistance to the Corporate Debtor as inter-corporate deposits with an 18% coupon rate compounded annually. The Corporate Debtor acknowledged the deposits and issued postdated cheques as security, which were later dishonored due to insufficient funds. The Financial Creditors then filed money suits
…Wrinkle Marketing Pvt Ltd and Somnath Mechandise Private Limited (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Roselabs Bioscience Limited (Corporate Debtor). The total default amount was Rs. 18,74,23,136.46 as of 31.07.2022, with the default date being 01.09.2013. The Financial Creditors had provided financial assistance as inter-corporate deposits with an 18% annual coupon rate. The Corporate Debtor acknowledged these deposits and issued postdated cheques as security, which were later dishonored due to insufficient funds. The Financial Creditors then filed money suits in the Calcutta High Court and obtained favorable orders. Subsequently, they
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Financial Creditors (Wrinkle Marketing Pvt Ltd and Somnath Mechandise Private Limited) against the Corporate Debtor, Roselabs Bioscience Limited, for initiating the Corporate Insolvency Resolution Process (CIRP). The total amount in default was Rs. 18,74,23,136.46 as of 31.07.2022, with the date of default being 01.09.2013. The Financial Creditors had granted financial assistance to the Corporate Debtor as inter-corporate deposits with an 18% coupon rate compounded annually. The Corporate Debtor acknowledged the deposits and issued postdated cheques as security, which were later dishonored due to insufficient funds. The Financial Creditors then filed money suits
…Wrinkle Marketing Pvt Ltd and Somnath Mechandise Private Limited (Financial Creditors) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Roselabs Bioscience Limited (Corporate Debtor). The total default amount was Rs. 18,74,23,136.46 as of 31.07.2022, with the default date being 01.09.2013. The Financial Creditors had provided financial assistance as inter-corporate deposits with an 18% annual coupon rate. The Corporate Debtor acknowledged these deposits and issued postdated cheques as security, which were later dishonored due to insufficient funds. The Financial Creditors then filed money suits in the Calcutta High Court and obtained favorable orders. Subsequently, they
…The date on which the…
The total amount in…