IPK Exports Private Ltd filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against HSB Home Solutions Ltd, claiming a default of Rs. 3,06,09,874/-. The debt originated from advance payments made by IPK Exports for the supply of materials, which HSB Home Solutions failed to deliver.
IPK Exports Private Ltd. (Applicant/Financial Creditor) advanced a total sum of ₹2,18,38,611/- to HSB Home Solutions Ltd. (Respondent/Corporate Debtor) during the Financial Year 2011–2012 for the supply of materials.
HSB Home Solutions Ltd. failed to supply the materials despite repeated assurances and commitments of delivery.
IPK Exports Private Ltd. demanded a refund of the advance amounts paid.
The parties entered into a Loan Agreement dated 15.04.2022, whereby the total sum of ₹2,15,00,000/- was to be treated as a loan, with a repayment deadline of 30.06.2022 and interest at 24% per annum.
HSB Home Solutions Ltd. failed to honor its repayment obligations under the Loan Agreement.
IPK Exports Private Ltd. issued a Notice of Default dated 15.07.2022.
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IPK Exports Private Ltd. advanced…
Parties entered into a…
IPK Exports Private Ltd filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against HSB Home Solutions Ltd, claiming a default of Rs. 3,06,09,874/-. The debt originated from advance payments made by IPK Exports for the supply of materials, which HSB Home Solutions failed to deliver.
IPK Exports Private Ltd. (Applicant/Financial Creditor) advanced a total sum of ₹2,18,38,611/- to HSB Home Solutions Ltd. (Respondent/Corporate Debtor) during the Financial Year 2011–2012 for the supply of materials.
HSB Home Solutions Ltd. failed to supply the materials despite repeated assurances and commitments of delivery.
IPK Exports Private Ltd. demanded a refund of the advance amounts paid.
The parties entered into a Loan Agreement dated 15.04.2022, whereby the total sum of ₹2,15,00,000/- was to be treated as a loan, with a repayment deadline of 30.06.2022 and interest at 24% per annum.
HSB Home Solutions Ltd. failed to honor its repayment obligations under the Loan Agreement.
IPK Exports Private Ltd. issued a Notice of Default dated 15.07.2022.
…IPK Exports Private Ltd. advanced…
Parties entered into a…