The case involves a petition filed by Creative Industries Unit II (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against S S Collection LLP (Corporate Debtor). The Financial Creditor claimed a default on a financial debt of Rs. 1,32,80,357/- including interest. The Corporate Debtor argued that the default date fell within the period covered by Section 10A of the Code, which bars applications for defaults arising during a specific period related to the COVID-19 pandemic.
Creative Industries Unit II (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against S S Collection LLP (Corporate Debtor). The Financial Creditor had advanced a loan of Rs. 2,00,00,000 to the Corporate Debtor on 2018-08-28 at an interest rate of 12% per annum, repayable quarterly within one year. The Corporate Debtor repaid Rs. 1,00,00,000 on 2018-12-24. The Corporate Debtor continued to service the loan, with the last interest payment of Rs. 2,72,219 made on 2020-01-10 for the quarter ending 2019-12-31. The Financial Creditor claimed the date of default as 2020-03-31. The Corporate Debtor admitted to receiving the loan and owing a sum of Rs. 1,02,69,260 but
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Financial Creditor…
Corporate Debtor repaid…
The case involves a petition filed by Creative Industries Unit II (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against S S Collection LLP (Corporate Debtor). The Financial Creditor claimed a default on a financial debt of Rs. 1,32,80,357/- including interest. The Corporate Debtor argued that the default date fell within the period covered by Section 10A of the Code, which bars applications for defaults arising during a specific period related to the COVID-19 pandemic.
Creative Industries Unit II (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against S S Collection LLP (Corporate Debtor). The Financial Creditor had advanced a loan of Rs. 2,00,00,000 to the Corporate Debtor on 2018-08-28 at an interest rate of 12% per annum, repayable quarterly within one year. The Corporate Debtor repaid Rs. 1,00,00,000 on 2018-12-24. The Corporate Debtor continued to service the loan, with the last interest payment of Rs. 2,72,219 made on 2020-01-10 for the quarter ending 2019-12-31. The Financial Creditor claimed the date of default as 2020-03-31. The Corporate Debtor admitted to receiving the loan and owing a sum of Rs. 1,02,69,260 but
…Financial Creditor…
Corporate Debtor repaid…