Tanay Securities & Services Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Organic World Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's default in repaying an unsecured loan of Rs. 2,24,97,222/-, inclusive of interest, which was disbursed based on an oral understanding and acknowledged in the Corporate Debtor's financial records.
Tanay Securities & Services Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC against Organic World Private Limited (Corporate Debtor).
The Financial Creditor sought to initiate CIRP due to a default in repayment of Rs. 2,24,97,222/-, inclusive of interest.
An unsecured loan of Rs. 2,00,00,000/- was disbursed on 16.09.2020 at an interest rate of 2% per annum, based on an oral understanding.
Further sums of Rs. 49,00,000/- and Rs. 11,00,000/- were disbursed on 15.01.2021 and 16.01.2021, respectively, at the same interest rate.
The total principal disbursed amounted to Rs. 2,60,00,000/-.
The Corporate Debtor repaid Rs. 45,00,000/- on 29.01.2021.
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Tanay Securities & Services Private Limited…
Organic World Private…
Tanay Securities & Services Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Organic World Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's default in repaying an unsecured loan of Rs. 2,24,97,222/-, inclusive of interest, which was disbursed based on an oral understanding and acknowledged in the Corporate Debtor's financial records.
Tanay Securities & Services Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC against Organic World Private Limited (Corporate Debtor).
The Financial Creditor sought to initiate CIRP due to a default in repayment of Rs. 2,24,97,222/-, inclusive of interest.
An unsecured loan of Rs. 2,00,00,000/- was disbursed on 16.09.2020 at an interest rate of 2% per annum, based on an oral understanding.
Further sums of Rs. 49,00,000/- and Rs. 11,00,000/- were disbursed on 15.01.2021 and 16.01.2021, respectively, at the same interest rate.
The total principal disbursed amounted to Rs. 2,60,00,000/-.
The Corporate Debtor repaid Rs. 45,00,000/- on 29.01.2021.
…Tanay Securities & Services Private Limited…
Organic World Private…