Pavitra Commercials Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Simara Foods Private Limited (Corporate Debtor) due to an alleged default on Inter Corporate Deposits (ICDs). The Financial Creditor disbursed Rs. 4,05,00,000/- in five tranches between May and August 2019, with an agreed interest rate of 13% per annum. The Corporate Debtor failed to repay these amounts on their respective due dates, resulting in a total outstanding claim of Rs. 6,74,22,969/- as of April 30, 2025.
C.P. (IB) No.717/MB/2025 was filed on 06.06.2025 by Pavitra Commercial Limited (Financial Creditor) against Simara Foods Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016.
The application was affirmed by Mr. Rajesh Agarwal, authorized signatory of the Applicant, as per Board Resolution dated 07.04.2025.
The total default claimed by the Applicant is Rs 6,74,22,969/-.
Pavitra Commercial Limited disbursed five Inter Corporate Deposits (ICDs) totaling Rs. 4,05,00,000/- to Simara Foods Private Limited between May 20, 2019, and August 14, 2019, with an agreed interest rate of 13% per annum.
The dates of default for the five ICDs are: 1st ICD: 19.08.2019; 2nd ICD: 01.10.2019; 3rd ICD: 09.10.2019; 4th ICD: 10.10.2019; 5th ICD: 31.08.2019.
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Pavitra Commercials Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Simara Foods Private Limited (Corporate Debtor) due to an alleged default on Inter Corporate Deposits (ICDs). The Financial Creditor disbursed Rs. 4,05,00,000/- in five tranches between May and August 2019, with an agreed interest rate of 13% per annum. The Corporate Debtor failed to repay these amounts on their respective due dates, resulting in a total outstanding claim of Rs. 6,74,22,969/- as of April 30, 2025.
C.P. (IB) No.717/MB/2025 was filed on 06.06.2025 by Pavitra Commercial Limited (Financial Creditor) against Simara Foods Private Limited (Corporate Debtor) under Section 7 of the IBC, 2016.
The application was affirmed by Mr. Rajesh Agarwal, authorized signatory of the Applicant, as per Board Resolution dated 07.04.2025.
The total default claimed by the Applicant is Rs 6,74,22,969/-.
Pavitra Commercial Limited disbursed five Inter Corporate Deposits (ICDs) totaling Rs. 4,05,00,000/- to Simara Foods Private Limited between May 20, 2019, and August 14, 2019, with an agreed interest rate of 13% per annum.
The dates of default for the five ICDs are: 1st ICD: 19.08.2019; 2nd ICD: 01.10.2019; 3rd ICD: 09.10.2019; 4th ICD: 10.10.2019; 5th ICD: 31.08.2019.
…Pavitra Commercial Limited disbursed the first…
Pavitra Commercial Limited disbursed the fifth…
Sign in to view related legal provisions.