Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adtech Signages India Private Limited, the Corporate Debtor, due to defaults in loan repayment. The loan agreement was initially between Reliance Capital Ltd. and the Corporate Debtor, but Reliance Capital Ltd. merged with Reliance Commercial Finance Ltd. The petition was filed after the Corporate Debtor failed to make payments despite a loan recall notice. The Tribunal proceeded in the absence of the Corporate Debtor, who did not appear despite being notified.
Reliance Commercial Finance Limited (the Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adtech Signages India Private Limited (the Corporate Debtor). The basis of the petition was a loan agreement entered into between Reliance Capital Ltd. and the Corporate Debtor, where the Corporate Debtor availed a loan of Rs. 40 lakhs for the purchase of an Ink Jet Printer, with a repayment schedule of 60 monthly installments totaling Rs. 59,00,280/-. The loan was secured by the asset purchased. Subsequently, Reliance Capital Ltd. merged with Reliance Commercial Finance Ltd. The Corporate Debtor defaulted on the installment payments commencing from 05.10.2016, leading the Financial Creditor to issue a loan recall
…Sign in to view the parties.
Loan agreement entered into between Reliance…
Instalment payment was…
Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adtech Signages India Private Limited, the Corporate Debtor, due to defaults in loan repayment. The loan agreement was initially between Reliance Capital Ltd. and the Corporate Debtor, but Reliance Capital Ltd. merged with Reliance Commercial Finance Ltd. The petition was filed after the Corporate Debtor failed to make payments despite a loan recall notice. The Tribunal proceeded in the absence of the Corporate Debtor, who did not appear despite being notified.
Reliance Commercial Finance Limited (the Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Adtech Signages India Private Limited (the Corporate Debtor). The basis of the petition was a loan agreement entered into between Reliance Capital Ltd. and the Corporate Debtor, where the Corporate Debtor availed a loan of Rs. 40 lakhs for the purchase of an Ink Jet Printer, with a repayment schedule of 60 monthly installments totaling Rs. 59,00,280/-. The loan was secured by the asset purchased. Subsequently, Reliance Capital Ltd. merged with Reliance Commercial Finance Ltd. The Corporate Debtor defaulted on the installment payments commencing from 05.10.2016, leading the Financial Creditor to issue a loan recall
…Loan agreement entered into between Reliance…
Instalment payment was…