Tribute Trading and Finance Limited (Financial Creditor) disbursed an Inter-Corporate Deposit (ICD) of Rs. 1,45,00,000/- to Florin Realtors Private Limited (Corporate Debtor) with 9% interest. The Corporate Debtor made partial interest payments but subsequently defaulted on the principal and accrued interest. The Financial Creditor issued a demand notice, and upon non-payment, filed a Company Petition under Section 7 of the IBC. A settlement agreement was reached, leading to the withdrawal of the petition, but the Corporate Debtor again defaulted on the settlement terms. The Financial Creditor then filed a Restoration Application, which was allowed, reviving the original 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 CIRP against the Corporate Debtor due to default in repayment of a financial debt (Inter-Corporate Deposit).
The Financial Creditor disbursed Rs. 1,45,00,000/- to the Corporate Debtor in four tranches.
The Corporate Debtor made partial payments of Rs. 15,18,030/- towards interest for the Financial Years 2013-14 and 2014-15, but subsequently defaulted on further payments.
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Tribute Trading and…
Florin Realtors Private…
Tribute Trading and Finance Limited (Financial Creditor) disbursed an Inter-Corporate Deposit (ICD) of Rs. 1,45,00,000/- to Florin Realtors Private Limited (Corporate Debtor) with 9% interest. The Corporate Debtor made partial interest payments but subsequently defaulted on the principal and accrued interest. The Financial Creditor issued a demand notice, and upon non-payment, filed a Company Petition under Section 7 of the IBC. A settlement agreement was reached, leading to the withdrawal of the petition, but the Corporate Debtor again defaulted on the settlement terms. The Financial Creditor then filed a Restoration Application, which was allowed, reviving the original 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 CIRP against the Corporate Debtor due to default in repayment of a financial debt (Inter-Corporate Deposit).
The Financial Creditor disbursed Rs. 1,45,00,000/- to the Corporate Debtor in four tranches.
The Corporate Debtor made partial payments of Rs. 15,18,030/- towards interest for the Financial Years 2013-14 and 2014-15, but subsequently defaulted on further payments.
…Tribute Trading and…
Florin Realtors Private…