The case involves a petition filed by SIL Fibres Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SIF Garments Private Limited (Corporate Debtor) due to a default in repayment of a loan.
SIL Fibres Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against SIF Garments Private Limited (Corporate Debtor).
A loan agreement was entered into between the Applicant and the Respondent on 22.10.2018 for Rs. 1,00,00,000/-.
The Respondent requested and received an additional loan of Rs. 4,00,000/- from the Applicant on 21.06.2021.
The Respondent made a payment of Rs. 30,00,000/- on 13.08.2021 towards repayment of the loan amount.
An addendum to the loan agreement was signed on 01.04.2023, stipulating an interest rate of 12% per annum and a repayment deadline of 31.03.2024.
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Loan agreement entered into between the…
The Respondent received…
The case involves a petition filed by SIL Fibres Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SIF Garments Private Limited (Corporate Debtor) due to a default in repayment of a loan.
SIL Fibres Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against SIF Garments Private Limited (Corporate Debtor).
A loan agreement was entered into between the Applicant and the Respondent on 22.10.2018 for Rs. 1,00,00,000/-.
The Respondent requested and received an additional loan of Rs. 4,00,000/- from the Applicant on 21.06.2021.
The Respondent made a payment of Rs. 30,00,000/- on 13.08.2021 towards repayment of the loan amount.
An addendum to the loan agreement was signed on 01.04.2023, stipulating an interest rate of 12% per annum and a repayment deadline of 31.03.2024.
…Loan agreement entered into between the…
The Respondent received…