The Kerala State Industrial Development Corporation Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KGR Gems and Bullion Private Limited, citing default on loan repayments.
Kerala State Industrial Development Corporation Ltd sanctioned three credit facilities to KGR Gems and Bullion Private Limited: a Term Loan of Rs. 500 lakhs, a Working Capital Term Loan of Rs. 150 lakhs, and a Term Loan of Rs. 200 lakhs.
The Corporate Debtor defaulted on all three loan accounts, leading to a consolidated outstanding of Rs. 6,25,32,354/- as of 31.05.2025.
The Corporate Debtor filed W.P.(C) No. 25448/2025 before the Hon'ble High Court of Kerala, challenging the invocation of the Revenue Recovery Act.
The Corporate Debtor alleged that the defaults were not genuine but arose from the Petitioner's own conduct, namely, delayed disbursement, reversal of funding sequence, and premature recall.
…Sign in to view the parties.
The Petitioner…
The Petitioner sanctioned a Working Capital…
The Kerala State Industrial Development Corporation Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against KGR Gems and Bullion Private Limited, citing default on loan repayments.
Kerala State Industrial Development Corporation Ltd sanctioned three credit facilities to KGR Gems and Bullion Private Limited: a Term Loan of Rs. 500 lakhs, a Working Capital Term Loan of Rs. 150 lakhs, and a Term Loan of Rs. 200 lakhs.
The Corporate Debtor defaulted on all three loan accounts, leading to a consolidated outstanding of Rs. 6,25,32,354/- as of 31.05.2025.
The Corporate Debtor filed W.P.(C) No. 25448/2025 before the Hon'ble High Court of Kerala, challenging the invocation of the Revenue Recovery Act.
The Corporate Debtor alleged that the defaults were not genuine but arose from the Petitioner's own conduct, namely, delayed disbursement, reversal of funding sequence, and premature recall.
…The Petitioner…
The Petitioner sanctioned a Working Capital…