Q West Infrastructure Private Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Starwort Engineers Private Limited, the corporate debtor, due to a default in repayment of a debt amounting to INR 17,90,73,973. The debt arose from an Inter Corporate Deposit Agreement (ICD Agreement) dated 10.11.2020, where the financial creditor disbursed INR 11,00,00,000 to the corporate debtor. The corporate debtor failed to adhere to the repayment schedule as per the ICD Agreement and a subsequent Settlement Agreement dated 15.02.2023.
Q West Infrastructure Private Limited (Financial Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Starwort Engineers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the CIRP was a default in repayment of INR 17,90,73,973. An Inter Corporate Deposit Agreement (ICD Agreement) dated 10.11.2020 was executed between the parties, where the Financial Creditor disbursed INR 11,00,00,000 to the Corporate Debtor at an interest rate of 15% p.a. The repayment was due by 10.11.2021. The Corporate Debtor requested an extension, which was granted until 10.11.2022. The Corporate Debtor failed to make the payment. A Settlement Agreement was entered into on 15.02.2023, but the Corporate
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Financial Creditor and Corporate Debtor entered…
The ICD Amount was…
Q West Infrastructure Private Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Starwort Engineers Private Limited, the corporate debtor, due to a default in repayment of a debt amounting to INR 17,90,73,973. The debt arose from an Inter Corporate Deposit Agreement (ICD Agreement) dated 10.11.2020, where the financial creditor disbursed INR 11,00,00,000 to the corporate debtor. The corporate debtor failed to adhere to the repayment schedule as per the ICD Agreement and a subsequent Settlement Agreement dated 15.02.2023.
Q West Infrastructure Private Limited (Financial Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Starwort Engineers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the CIRP was a default in repayment of INR 17,90,73,973. An Inter Corporate Deposit Agreement (ICD Agreement) dated 10.11.2020 was executed between the parties, where the Financial Creditor disbursed INR 11,00,00,000 to the Corporate Debtor at an interest rate of 15% p.a. The repayment was due by 10.11.2021. The Corporate Debtor requested an extension, which was granted until 10.11.2022. The Corporate Debtor failed to make the payment. A Settlement Agreement was entered into on 15.02.2023, but the Corporate
…Financial Creditor and Corporate Debtor entered…
The ICD Amount was…