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. later merged with Reliance Commercial Finance Ltd. The petitioner claimed that the Corporate Debtor failed to make payments as per the agreed installment schedule, leading to the issuance of a loan recall notice. Despite the notice, no payments were made, prompting the petitioner to initiate proceedings under the IBC.
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 initially entered into between Reliance Capital Ltd. and the Corporate Debtor, where Reliance Capital Ltd. later merged with Reliance Commercial Finance Ltd. The principal sum of the loan was Rs. 40 lakhs, with a total payable amount of Rs. 59,00,280 to be repaid in 60 monthly installments. The loan was for the purchase of an Ink Jet Printer, which was offered as security. Installment payments were to commence from June 5, 2013, and end on May 5, 2018. The Corporate Debtor defaulted on payments, leading the
…Sign in to view the parties.
Loan agreement entered into between Reliance…
Installment 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. later merged with Reliance Commercial Finance Ltd. The petitioner claimed that the Corporate Debtor failed to make payments as per the agreed installment schedule, leading to the issuance of a loan recall notice. Despite the notice, no payments were made, prompting the petitioner to initiate proceedings under the IBC.
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 initially entered into between Reliance Capital Ltd. and the Corporate Debtor, where Reliance Capital Ltd. later merged with Reliance Commercial Finance Ltd. The principal sum of the loan was Rs. 40 lakhs, with a total payable amount of Rs. 59,00,280 to be repaid in 60 monthly installments. The loan was for the purchase of an Ink Jet Printer, which was offered as security. Installment payments were to commence from June 5, 2013, and end on May 5, 2018. The Corporate Debtor defaulted on payments, leading the
…Loan agreement entered into between Reliance…
Installment payment was…