Laxmi Publications Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bliss Inns Pvt. Ltd. (Corporate Debtor).

The Financial Creditor claimed a default on a financial debt amounting to Rs. 2,45,57,383/- as on 05.10.2019, including principal and interest.

The Corporate Debtor admitted to the principal outstanding amount of Rs. 1,14,75,427/- but vehemently denied the claimed interest amount of Rs. 1,30,81,956/- at 24% per annum.

The Corporate Debtor argued that the agreed interest rate was 12% at the time of issuance of the loan.

The Financial Creditor relied on its own balance sheets, ledger entries, and alleged acknowledgments in the Corporate Debtor's books to establish the existence of a financial debt.

Laxmi Publications Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bliss Inns Pvt. Ltd. (Corporate Debtor).

The Financial Creditor claimed a default on a financial debt amounting to Rs. 2,45,57,383/- as on 05.10.2019, including principal and interest.

The Corporate Debtor admitted to the principal outstanding amount of Rs. 1,14,75,427/- but vehemently denied the claimed interest amount of Rs. 1,30,81,956/- at 24% per annum.

The Corporate Debtor argued that the agreed interest rate was 12% at the time of issuance of the loan.

The Financial Creditor relied on its own balance sheets, ledger entries, and alleged acknowledgments in the Corporate Debtor's books to establish the existence of a financial debt.