Tribute Trading and Finance Limited (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Florin Realtors Private Limited (Corporate Debtor) for default in repaying an Inter-Corporate Deposit (ICD) of Rs. 1,45,00,000/-. The Corporate Debtor made partial interest payments but subsequently defaulted on the principal and remaining interest. A settlement agreement was reached, but the Corporate Debtor again breached its terms, leading to the revival of the Company Petition.
Tribute Trading and Finance Limited, the Financial Creditor, was incorporated on December 4, 1986.
Florin Realtors Private Limited, the Corporate Debtor, was incorporated on June 27, 2012.
The Financial Creditor filed a Company Petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against the Corporate Debtor for default in repayment of an Inter-Corporate Deposit (ICD).
The Financial Creditor disbursed a sum of Rs. 1,45,00,000/- to the Corporate Debtor in four tranches.
The Corporate Debtor initially made part-payments towards interest accrued for FY 2013-14 and 2014-15, aggregating to Rs. 15,18,030/-, but thereafter defaulted on further payments.
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Tribute Trading and…
Florin Realtors…
Tribute Trading and Finance Limited (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Florin Realtors Private Limited (Corporate Debtor) for default in repaying an Inter-Corporate Deposit (ICD) of Rs. 1,45,00,000/-. The Corporate Debtor made partial interest payments but subsequently defaulted on the principal and remaining interest. A settlement agreement was reached, but the Corporate Debtor again breached its terms, leading to the revival of the Company Petition.
Tribute Trading and Finance Limited, the Financial Creditor, was incorporated on December 4, 1986.
Florin Realtors Private Limited, the Corporate Debtor, was incorporated on June 27, 2012.
The Financial Creditor filed a Company Petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against the Corporate Debtor for default in repayment of an Inter-Corporate Deposit (ICD).
The Financial Creditor disbursed a sum of Rs. 1,45,00,000/- to the Corporate Debtor in four tranches.
The Corporate Debtor initially made part-payments towards interest accrued for FY 2013-14 and 2014-15, aggregating to Rs. 15,18,030/-, but thereafter defaulted on further payments.
…Tribute Trading and…
Florin Realtors…