The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Reliance Commercial Finance Limited, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Summit Ceminfra Private Limited, the Corporate Debtor. The Financial Creditor claims a default of INR 1004,07,82,466/- as of 31.10.2023. The Corporate Debtor acknowledged its liability but attributed the default to unforeseen circumstances including the Covid-19 pandemic.
Reliance Commercial Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Summit Ceminfra Private Limited (Corporate Debtor). The Financial Creditor claimed a default of INR 1004,07,82,466/- as of 31.10.2023, broken down into outstanding principal amount (INR 419,00,00,000/-), outstanding interest (INR 311,52,41,096/-), and penal interest (INR 273,55,41,369/-). The Date of Default was established as 01.04.2019. The Corporate Debtor acknowledged its liability but attributed the default to unforeseen circumstances including the Covid-19 pandemic. The Financial Creditor had disbursed loan amounts through four different letters with
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The Insolvency and…
Corporate Debtor entered into Facility cum…
The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Reliance Commercial Finance Limited, the Financial Creditor, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Summit Ceminfra Private Limited, the Corporate Debtor. The Financial Creditor claims a default of INR 1004,07,82,466/- as of 31.10.2023. The Corporate Debtor acknowledged its liability but attributed the default to unforeseen circumstances including the Covid-19 pandemic.
Reliance Commercial Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Summit Ceminfra Private Limited (Corporate Debtor). The Financial Creditor claimed a default of INR 1004,07,82,466/- as of 31.10.2023, broken down into outstanding principal amount (INR 419,00,00,000/-), outstanding interest (INR 311,52,41,096/-), and penal interest (INR 273,55,41,369/-). The Date of Default was established as 01.04.2019. The Corporate Debtor acknowledged its liability but attributed the default to unforeseen circumstances including the Covid-19 pandemic. The Financial Creditor had disbursed loan amounts through four different letters with
…The Insolvency and…
Corporate Debtor entered into Facility cum…