Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Desai Agrifoods Private Limited (Corporate Debtor) for defaulting on a financial debt of Rs.1,14,36,758/-. The Financial Creditor had extended a loan facility of Rs.1,00,00,000/- with 12% interest per annum. After drawdown and initial interest payments, the Corporate Debtor admitted financial difficulties and inability to repay via email. The Financial Creditor issued several demand communications for repayment. The Corporate Debtor subsequently filed a reply denying the maintainability of the petition, the existence of financial debt and default, claiming it was an operational company arranging funds, and that the petition
…Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against Desai Agrifoods Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt of Rs.1,14,36,758/-.
A Loan Agreement for a financial facility of Rs.1,00,00,000/- at 12.00% p.a. was entered into between the Financial Creditor and Corporate Debtor on 01.10.2024.
The loan amount was disbursed by the Financial Creditor on 08.11.2024, following a drawdown request on 05.11.2024.
The Corporate Debtor made an initial interest payment of Rs.1,56,822/- on 15.01.2025.
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Desai Agrifoods Private…
Team India Managers…
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Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Desai Agrifoods Private Limited (Corporate Debtor) for defaulting on a financial debt of Rs.1,14,36,758/-. The Financial Creditor had extended a loan facility of Rs.1,00,00,000/- with 12% interest per annum. After drawdown and initial interest payments, the Corporate Debtor admitted financial difficulties and inability to repay via email. The Financial Creditor issued several demand communications for repayment. The Corporate Debtor subsequently filed a reply denying the maintainability of the petition, the existence of financial debt and default, claiming it was an operational company arranging funds, and that the petition
…Team India Managers Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against Desai Agrifoods Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt of Rs.1,14,36,758/-.
A Loan Agreement for a financial facility of Rs.1,00,00,000/- at 12.00% p.a. was entered into between the Financial Creditor and Corporate Debtor on 01.10.2024.
The loan amount was disbursed by the Financial Creditor on 08.11.2024, following a drawdown request on 05.11.2024.
The Corporate Debtor made an initial interest payment of Rs.1,56,822/- on 15.01.2025.
…Desai Agrifoods Private…
Team India Managers…
Sign in to view related legal provisions.