Open Sky Shopping LLP, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Thea Online Services Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.1,03,45,000/- along with interest at 1.5% per month. The loan amount was disbursed between 20.01.2021 and 17.02.2021. The Corporate Debtor argued that the amount given by the Financial Creditor was in the nature of an investment and not as financial debt.
Open Sky Shopping LLP (Financial Creditor) filed an application under Section 7 of the I&B Code against Thea Online Services Private Limited (Corporate Debtor) for initiating CIRP. The Financial Creditor claimed a default of Rs.1,03,45,000/- plus interest. The loan agreement was executed on 01.01.2021, and the loan was disbursed between 20.01.2021 and 17.02.2021. The Corporate Debtor argued that the amount was an investment, not a loan. The date of default was 07.04.2021, and the petition was filed on 09.08.2021. The Corporate Debtor admitted its liability in a reply dated 16.06.2021. The Financial Creditor submitted a NeSL report dated 20.07.2021, reflecting the outstanding amount. The Corporate Debtor requested time to repay the amount due to financial difficulties.
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Loan Agreement dated 01.01.2021 was executed…
Loan amount was…
Open Sky Shopping LLP, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Thea Online Services Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.1,03,45,000/- along with interest at 1.5% per month. The loan amount was disbursed between 20.01.2021 and 17.02.2021. The Corporate Debtor argued that the amount given by the Financial Creditor was in the nature of an investment and not as financial debt.
Open Sky Shopping LLP (Financial Creditor) filed an application under Section 7 of the I&B Code against Thea Online Services Private Limited (Corporate Debtor) for initiating CIRP. The Financial Creditor claimed a default of Rs.1,03,45,000/- plus interest. The loan agreement was executed on 01.01.2021, and the loan was disbursed between 20.01.2021 and 17.02.2021. The Corporate Debtor argued that the amount was an investment, not a loan. The date of default was 07.04.2021, and the petition was filed on 09.08.2021. The Corporate Debtor admitted its liability in a reply dated 16.06.2021. The Financial Creditor submitted a NeSL report dated 20.07.2021, reflecting the outstanding amount. The Corporate Debtor requested time to repay the amount due to financial difficulties.
Loan Agreement dated 01.01.2021 was executed…
Loan amount was…