The case involves an application filed by Zep Infratech Limited, the Financial Creditor, against Star Line Leasing Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appoint an Interim Resolution Professional (IRP). The Financial Creditor had granted a loan of Rs. 7,00,00,000 to the Corporate Debtor on 19.05.2017, which was sanctioned and disbursed by Sintex Power Limited (later changed to Sixvents Power and Engineering Limited). Sixvents Power and Engineering Limited was subsequently amalgamated with the Financial Creditor. A Memorandum of Understanding (MOU) cum Loan Agreement was entered into, wherein
…Zep Infratech Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Star Line Leasing Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor had granted a loan of Rs. 7,00,00,000 to the Corporate Debtor on 19.05.2017, disbursed by Sintex Power Limited (later Sixvents Power and Engineering Limited), which was then amalgamated with the Financial Creditor. A Memorandum of Understanding (MOU) cum Loan Agreement was executed, requiring repayment with a 20% premium by 30.06.2022. The Corporate Debtor defaulted on the repayment. The Financial Creditor issued a legal notice on 11.09.2023, which the Corporate Debtor acknowledged on 23.09.2023, admitting the debt but citing financial difficulties. The
…Sign in to view the parties.
Zep Infratech Limited…
Star Line Leasing…
The case involves an application filed by Zep Infratech Limited, the Financial Creditor, against Star Line Leasing Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor and appoint an Interim Resolution Professional (IRP). The Financial Creditor had granted a loan of Rs. 7,00,00,000 to the Corporate Debtor on 19.05.2017, which was sanctioned and disbursed by Sintex Power Limited (later changed to Sixvents Power and Engineering Limited). Sixvents Power and Engineering Limited was subsequently amalgamated with the Financial Creditor. A Memorandum of Understanding (MOU) cum Loan Agreement was entered into, wherein
…Zep Infratech Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Star Line Leasing Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor had granted a loan of Rs. 7,00,00,000 to the Corporate Debtor on 19.05.2017, disbursed by Sintex Power Limited (later Sixvents Power and Engineering Limited), which was then amalgamated with the Financial Creditor. A Memorandum of Understanding (MOU) cum Loan Agreement was executed, requiring repayment with a 20% premium by 30.06.2022. The Corporate Debtor defaulted on the repayment. The Financial Creditor issued a legal notice on 11.09.2023, which the Corporate Debtor acknowledged on 23.09.2023, admitting the debt but citing financial difficulties. The
…Zep Infratech Limited…
Star Line Leasing…