Grimus Exports Private Limited (Financial Creditor) filed a Section 7 IBC petition against Sunima Steel Marketing Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-. The Corporate Debtor had obtained a hand loan from the Financial Creditor in multiple tranches between June 2021 and March 2022 to meet working capital requirements, agreeing to an interest rate of 9% per annum.
Grimus Exports Private Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sunima Steel Marketing Private Limited (Corporate Debtor/Respondent).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-.
The Corporate Debtor faced a severe financial crunch post-COVID-19 in June 2021 and approached the Financial Creditor for a hand loan to meet its working capital requirements.
The Financial Creditor extended a hand loan aggregating to Rs. 1,44,50,000/- in multiple tranches between 16.06.2021 and 28.03.2022, with an agreed interest of 9% per annum, recoverable on demand.
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Sunima Steel Marketing…
Grimus Exports Private Limited extended a hand…
Grimus Exports Private Limited (Financial Creditor) filed a Section 7 IBC petition against Sunima Steel Marketing Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-. The Corporate Debtor had obtained a hand loan from the Financial Creditor in multiple tranches between June 2021 and March 2022 to meet working capital requirements, agreeing to an interest rate of 9% per annum.
Grimus Exports Private Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sunima Steel Marketing Private Limited (Corporate Debtor/Respondent).
The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-.
The Corporate Debtor faced a severe financial crunch post-COVID-19 in June 2021 and approached the Financial Creditor for a hand loan to meet its working capital requirements.
The Financial Creditor extended a hand loan aggregating to Rs. 1,44,50,000/- in multiple tranches between 16.06.2021 and 28.03.2022, with an agreed interest of 9% per annum, recoverable on demand.
…Sunima Steel Marketing…
Grimus Exports Private Limited extended a hand…