Button Industries Pvt Ltd (Financial Creditor) filed a Section 7 IBC petition against Viaz Tyres Limited (Corporate Debtor) for an alleged financial debt of Rs. 2,94,43,614.63/-. The debt originated from an advance for Basmati Rice, later converted into a loan through two Memoranda of Understanding (MOUs) with stipulated interest and repayment dates, which the Corporate Debtor failed to honor.
Button Industries Pvt Ltd (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC against Viaz Tyres Limited (Respondent/Corporate Debtor).
The petitioner advanced Rs. 1,16,05,384/- to the corporate debtor for the supply of Basmati Rice under 5 invoices dated 22.03.2020.
This advance was converted into a loan via a 1st Memorandum of Understanding (MOU) dated 12.04.2022, with a repayment deadline of 12.04.2023 and 18% interest on default.
The Corporate Debtor sought and obtained an extension for repayment until 30.04.2024, agreeing to 18% interest on the principal amount.
A 2nd MOU dated 02.07.2024 was executed, where the Corporate Debtor again acknowledged liability and agreed to repay the principal plus 18% interest by 02.01.2025.
…Sign in to view the parties.
5 invoices for the…
The advance payment was converted into a loan…
Button Industries Pvt Ltd (Financial Creditor) filed a Section 7 IBC petition against Viaz Tyres Limited (Corporate Debtor) for an alleged financial debt of Rs. 2,94,43,614.63/-. The debt originated from an advance for Basmati Rice, later converted into a loan through two Memoranda of Understanding (MOUs) with stipulated interest and repayment dates, which the Corporate Debtor failed to honor.
Button Industries Pvt Ltd (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC against Viaz Tyres Limited (Respondent/Corporate Debtor).
The petitioner advanced Rs. 1,16,05,384/- to the corporate debtor for the supply of Basmati Rice under 5 invoices dated 22.03.2020.
This advance was converted into a loan via a 1st Memorandum of Understanding (MOU) dated 12.04.2022, with a repayment deadline of 12.04.2023 and 18% interest on default.
The Corporate Debtor sought and obtained an extension for repayment until 30.04.2024, agreeing to 18% interest on the principal amount.
A 2nd MOU dated 02.07.2024 was executed, where the Corporate Debtor again acknowledged liability and agreed to repay the principal plus 18% interest by 02.01.2025.
…5 invoices for the…
The advance payment was converted into a loan…