Advani Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Starlit Power Systems Limited, the Corporate Debtor. The petition was based on a default in repayment of a loan provided by Advani Private Limited to Starlit Power Systems Limited. The Corporate Debtor had approached the Financial Creditor for a working capital loan of Rs. 1,00,00,000/-, which was sanctioned as per a sanction letter dated 09.04.2019. The disbursement commenced on 02.05.2019, with an interest rate of 12%. The Corporate Debtor defaulted on its repayment obligations, leading to the filing of the petition.
Advani Private Limited (Financial Creditor) provided a working capital loan of Rs. 1,00,00,000/- to M/s. Starlit Power Systems Limited (Corporate Debtor) as per a sanction letter dated 09.04.2019. The disbursement commenced on 02.05.2019, with an interest rate of 12%. The Corporate Debtor defaulted on the repayment, leading to a total claim of Rs. 1,07,50,337/-, including principal (Rs. 89,20,000/-) and interest (Rs. 18,30,337/-). The date of default was 01.05.2021. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The Corporate Debtor admitted to the debt and default but cited financial difficulties and restructuring efforts. The Corporate Debtor had also availed credit
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M/s. Starlit Power Systems Limited was…
Corporate Debtor availed credit facility worth…
Advani Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Starlit Power Systems Limited, the Corporate Debtor. The petition was based on a default in repayment of a loan provided by Advani Private Limited to Starlit Power Systems Limited. The Corporate Debtor had approached the Financial Creditor for a working capital loan of Rs. 1,00,00,000/-, which was sanctioned as per a sanction letter dated 09.04.2019. The disbursement commenced on 02.05.2019, with an interest rate of 12%. The Corporate Debtor defaulted on its repayment obligations, leading to the filing of the petition.
Advani Private Limited (Financial Creditor) provided a working capital loan of Rs. 1,00,00,000/- to M/s. Starlit Power Systems Limited (Corporate Debtor) as per a sanction letter dated 09.04.2019. The disbursement commenced on 02.05.2019, with an interest rate of 12%. The Corporate Debtor defaulted on the repayment, leading to a total claim of Rs. 1,07,50,337/-, including principal (Rs. 89,20,000/-) and interest (Rs. 18,30,337/-). The date of default was 01.05.2021. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the Corporate Debtor. The Corporate Debtor admitted to the debt and default but cited financial difficulties and restructuring efforts. The Corporate Debtor had also availed credit
…M/s. Starlit Power Systems Limited was…
Corporate Debtor availed credit facility worth…