Kerala State Industrial Development Corporation Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s KGR Gems and Bullion Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP) due to a 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 the initiation of Revenue Recovery proceedings and the filing of a Section 7 petition under the IBC.
The Corporate Debtor argued that the defaults were due to delayed disbursement and sequencing errors by the Financial Creditor, constituting a breach of financing terms.
The Financial Creditor claimed that the total amount in default was Rs. 6,25,32,354/- as of 31.05.2025.
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Petitioner sanctioned a…
Petitioner sanctioned a Working Capital Term…
Kerala State Industrial Development Corporation Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s KGR Gems and Bullion Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP) due to a 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 the initiation of Revenue Recovery proceedings and the filing of a Section 7 petition under the IBC.
The Corporate Debtor argued that the defaults were due to delayed disbursement and sequencing errors by the Financial Creditor, constituting a breach of financing terms.
The Financial Creditor claimed that the total amount in default was Rs. 6,25,32,354/- as of 31.05.2025.
…Petitioner sanctioned a…
Petitioner sanctioned a Working Capital Term…