Tata Capital Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Simtel Trading Corporation Private Limited. The Financial Creditor claimed that the Corporate Debtor defaulted on payments due as of 02.02.2018, leading to the initiation of arbitration proceedings and an arbitral award in favor of the Financial Creditor.
Tata Capital Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Simtel Trading Corporation Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for a credit facility of Rs. 5 Crores, which was sanctioned on 26.10.2015. A Channel Finance Agreement was executed on 16.11.2015, and the Financial Creditor disbursed the amount. Subsequently, the Corporate Debtor requested an additional loan of Rs. 35 Crores. The Corporate Debtor defaulted on payments due as of 02.02.2018. The Financial Creditor recalled the Channel Facility and initiated arbitration proceedings, resulting in an
…Sign in to view the parties.
Financial Creditor…
Channel Finance Agreement executed between…
Tata Capital Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Simtel Trading Corporation Private Limited. The Financial Creditor claimed that the Corporate Debtor defaulted on payments due as of 02.02.2018, leading to the initiation of arbitration proceedings and an arbitral award in favor of the Financial Creditor.
Tata Capital Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Simtel Trading Corporation Private Limited (Corporate Debtor). The Corporate Debtor had approached the Financial Creditor for a credit facility of Rs. 5 Crores, which was sanctioned on 26.10.2015. A Channel Finance Agreement was executed on 16.11.2015, and the Financial Creditor disbursed the amount. Subsequently, the Corporate Debtor requested an additional loan of Rs. 35 Crores. The Corporate Debtor defaulted on payments due as of 02.02.2018. The Financial Creditor recalled the Channel Facility and initiated arbitration proceedings, resulting in an
…Financial Creditor…
Channel Finance Agreement executed between…