Triveni Education Society filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sovereign Industries Limited, alleging a default of Rs. 1,63,80,097 as of March 31, 2022. The Financial Creditor, Triveni Education Society, claimed that it had extended credit facilities to the Corporate Debtor, Sovereign Industries Limited, in 2016. The Corporate Debtor acknowledged the debt and its inability to repay it. The petition was filed due to the Corporate Debtor's failure to meet its repayment obligations despite repeated requests and assurances.
Triveni Education Society, a society registered under the Karnataka Societies Registration Act, 1960, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Sovereign Industries Limited. Sovereign Industries Limited, a company registered under the Companies Act, 1956, engaged in the manufacturing of sugar, had approached Triveni Education Society in 2016 for a credit facility. Triveni Education Society granted a loan of Rs. 1,77,00,000 to Sovereign Industries Limited. The last two repayments by Sovereign Industries Limited were in 2020, totaling Rs. 11,33,955. As of March 31, 2022, the total outstanding amount, including principal and interest, was Rs. 1,63,80,097, comprising a principal of Rs. 99,32,748 and interest of Rs. 75,81,301 at a
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Triveni Education…
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Triveni Education Society filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sovereign Industries Limited, alleging a default of Rs. 1,63,80,097 as of March 31, 2022. The Financial Creditor, Triveni Education Society, claimed that it had extended credit facilities to the Corporate Debtor, Sovereign Industries Limited, in 2016. The Corporate Debtor acknowledged the debt and its inability to repay it. The petition was filed due to the Corporate Debtor's failure to meet its repayment obligations despite repeated requests and assurances.
Triveni Education Society, a society registered under the Karnataka Societies Registration Act, 1960, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Sovereign Industries Limited. Sovereign Industries Limited, a company registered under the Companies Act, 1956, engaged in the manufacturing of sugar, had approached Triveni Education Society in 2016 for a credit facility. Triveni Education Society granted a loan of Rs. 1,77,00,000 to Sovereign Industries Limited. The last two repayments by Sovereign Industries Limited were in 2020, totaling Rs. 11,33,955. As of March 31, 2022, the total outstanding amount, including principal and interest, was Rs. 1,63,80,097, comprising a principal of Rs. 99,32,748 and interest of Rs. 75,81,301 at a
…Triveni Education…
Sovereign Industries…