Fashion Suitings Private Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shriya Overseas Private Limited, the Corporate Debtor, for a default of Rs. 2,70,33,417/- as on 31.03.2023.
Fashion Suitings Private Limited disbursed an unsecured loan of ₹1.5 crores to Shriya Overseas Private Limited on 22.03.2016.
The loan carried an interest rate of 15% per annum, compounded quarterly.
Interest was regularly paid until 31.03.2019, as evidenced by Form 26AS and ledger entries.
No payments were made after 31.03.2019.
In April 2021, Mrs. Ruby Mehra, a director of Shriya Overseas Private Limited, issued a letter acknowledging the outstanding debt and assured repayment by 30.09.2021.
The Financial Creditor filed the petition on 21.09.2023, claiming a default of Rs. 2,70,33,417/- as on 31.03.2023.
The Corporate Debtor argued that there was no written loan agreement and the demand did not constitute a 'Financial Debt'.
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Fashion Suitings Private Limited disbursed an…
Interest pa…
Fashion Suitings Private Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shriya Overseas Private Limited, the Corporate Debtor, for a default of Rs. 2,70,33,417/- as on 31.03.2023.
Fashion Suitings Private Limited disbursed an unsecured loan of ₹1.5 crores to Shriya Overseas Private Limited on 22.03.2016.
The loan carried an interest rate of 15% per annum, compounded quarterly.
Interest was regularly paid until 31.03.2019, as evidenced by Form 26AS and ledger entries.
No payments were made after 31.03.2019.
In April 2021, Mrs. Ruby Mehra, a director of Shriya Overseas Private Limited, issued a letter acknowledging the outstanding debt and assured repayment by 30.09.2021.
The Financial Creditor filed the petition on 21.09.2023, claiming a default of Rs. 2,70,33,417/- as on 31.03.2023.
The Corporate Debtor argued that there was no written loan agreement and the demand did not constitute a 'Financial Debt'.
Fashion Suitings Private Limited disbursed an…
Interest pa…