The case involves an application filed by Religare Finvest Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Stellence Pharmscience Pvt. Ltd. Religare Finvest claims that Stellence Pharmscience defaulted on a debt of Rs. 21,38,75,169.23/- as of 28.11.2022, with the date of default being 01.10.2021. The application was filed before the National Company Law Tribunal (NCLT), Bengaluru.
Religare Finvest Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Stellence Pharmscience Pvt. Ltd. (Corporate Debtor). The Corporate Debtor availed four loan facilities from the Financial Creditor between 2014 and 2015, totaling Rs. 29,00,31,556/-. These loans were secured by depositing title deeds. The Corporate Debtor defaulted on its EMI payments, leading to its account being declared NPA on 30.11.2018. A Memorandum of Understanding (MoU) was executed on 29.08.2019 to regularize the account, but the Corporate Debtor defaulted again on 01.10.2021. As of 28.11.2022, the total outstanding amount was Rs. 21,38,75,169.23/-. The Corporate Debtor
…Sign in to view the parties.
Corporate Debtor availed four loan…
Corporate Debtor's…
The case involves an application filed by Religare Finvest Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Stellence Pharmscience Pvt. Ltd. Religare Finvest claims that Stellence Pharmscience defaulted on a debt of Rs. 21,38,75,169.23/- as of 28.11.2022, with the date of default being 01.10.2021. The application was filed before the National Company Law Tribunal (NCLT), Bengaluru.
Religare Finvest Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Stellence Pharmscience Pvt. Ltd. (Corporate Debtor). The Corporate Debtor availed four loan facilities from the Financial Creditor between 2014 and 2015, totaling Rs. 29,00,31,556/-. These loans were secured by depositing title deeds. The Corporate Debtor defaulted on its EMI payments, leading to its account being declared NPA on 30.11.2018. A Memorandum of Understanding (MoU) was executed on 29.08.2019 to regularize the account, but the Corporate Debtor defaulted again on 01.10.2021. As of 28.11.2022, the total outstanding amount was Rs. 21,38,75,169.23/-. The Corporate Debtor
…Corporate Debtor availed four loan…
Corporate Debtor's…