Gill International Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Unimers India Limited, the Corporate Debtor, for defaulting on payments. The petition was based on a Financing Agreement dated June 11, 2007, for inter-corporate loans/advances, and a subsequent Memorandum of Understanding (MoU) dated March 10, 2010, to resolve disputes. The Financial Creditor claimed a total outstanding amount of Rs. 13,47,19,402/- as of March 23, 2018, including principal and interest. The Corporate Debtor argued that the initial agreement was a Sale Purchase Agreement, not a Financing Agreement, and that the petition was not maintainable
…Gill International Limited (GIL), the Financial Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Unimers India Limited (UIL), the Corporate Debtor, alleging default in payment. A Financing Agreement dated June 11, 2007, was entered into between GIL and UIL for inter-corporate loans/advances, where GIL agreed to advance Rs. 195 Lakhs as advance and Rs. 30 Lakhs as a loan for outstanding transportation charges, totaling Rs. 225 Lakhs, payable within 6 months with 18% interest per annum. Disputes arose, leading to a Memorandum of Understanding (MoU) dated March 10, 2010, where UIL was liable to pay a lump sum of Rs. 650 Lakhs to GIL. UIL made staggered payments, with the last payment on April 30, 2012, leaving an outstanding amount. GIL
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Gill International Limited and Unimers India…
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Gill International Limited, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Unimers India Limited, the Corporate Debtor, for defaulting on payments. The petition was based on a Financing Agreement dated June 11, 2007, for inter-corporate loans/advances, and a subsequent Memorandum of Understanding (MoU) dated March 10, 2010, to resolve disputes. The Financial Creditor claimed a total outstanding amount of Rs. 13,47,19,402/- as of March 23, 2018, including principal and interest. The Corporate Debtor argued that the initial agreement was a Sale Purchase Agreement, not a Financing Agreement, and that the petition was not maintainable
…Gill International Limited (GIL), the Financial Creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Unimers India Limited (UIL), the Corporate Debtor, alleging default in payment. A Financing Agreement dated June 11, 2007, was entered into between GIL and UIL for inter-corporate loans/advances, where GIL agreed to advance Rs. 195 Lakhs as advance and Rs. 30 Lakhs as a loan for outstanding transportation charges, totaling Rs. 225 Lakhs, payable within 6 months with 18% interest per annum. Disputes arose, leading to a Memorandum of Understanding (MoU) dated March 10, 2010, where UIL was liable to pay a lump sum of Rs. 650 Lakhs to GIL. UIL made staggered payments, with the last payment on April 30, 2012, leaving an outstanding amount. GIL
…Gill International Limited and Unimers India…
Parties executed a…