Kotak Mahindra Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Inditrade Business Consultants Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in repayment of loan facilities.
Kotak Mahindra Bank Limited extended loan facilities to Inditrade Business Consultants Limited.
The Corporate Debtor defaulted on repayment of the loan facilities.
The Financial Creditor classified the account as a Non-Performing Asset (NPA) on 18.02.2024.
Pledged commodities (cotton bales) were destroyed in a fire on 14.05.2023.
The Respondent filed Commercial Suit No. 48 of 2024 before the City Civil Court at Mumbai, seeking injunctive relief and damages.
The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The total amount claimed to be in default is Rs. 6,67,07,194.21/- as on 02.06.2025.
The Corporate Debtor was incorporated on 27.08.2008.
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Kotak Mahindra Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Inditrade Business Consultants Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in repayment of loan facilities.
Kotak Mahindra Bank Limited extended loan facilities to Inditrade Business Consultants Limited.
The Corporate Debtor defaulted on repayment of the loan facilities.
The Financial Creditor classified the account as a Non-Performing Asset (NPA) on 18.02.2024.
Pledged commodities (cotton bales) were destroyed in a fire on 14.05.2023.
The Respondent filed Commercial Suit No. 48 of 2024 before the City Civil Court at Mumbai, seeking injunctive relief and damages.
The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
The total amount claimed to be in default is Rs. 6,67,07,194.21/- as on 02.06.2025.
The Corporate Debtor was incorporated on 27.08.2008.
The date on wh…
The date on wh…