The petition was filed by Phoenix Tech Tower Private Limited, the Financial Creditor, against A.P.Gems & Jewellary Park Private Limited, the Corporate Debtor, for defaulting on a repayment of Rs. 18,06,10,770/- as of 31.12.2018. The Financial Creditor claimed that a loan agreement was executed on January 29, 2011, where Phoenix Tech Tower Private Limited gave a loan of Rs. 9,00,00,000/- to A.P.Gems & Jewellary Park Private Limited. The total default claimed includes principal and interest at 15% per annum compounded quarterly.
Phoenix Tech Tower Private Limited (Financial Creditor) filed a petition against A.P.Gems & Jewellary Park Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,06,10,770/- as of 31.12.2018. This amount is based on a loan agreement dated January 29, 2011, where the Financial Creditor lent Rs. 9,00,00,000/- to the Corporate Debtor. The claimed default includes principal and interest at 15% per annum compounded quarterly. The Financial Creditor submitted documents to prove the existence of the financial debt, including the certificate of incorporation, charter documents, Form 26 AS, financial statements, letters of intimation, and legal notices. The Corporate Debtor was served a notice but did not
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Loan agreement executed between Phoenix Tech…
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The petition was filed by Phoenix Tech Tower Private Limited, the Financial Creditor, against A.P.Gems & Jewellary Park Private Limited, the Corporate Debtor, for defaulting on a repayment of Rs. 18,06,10,770/- as of 31.12.2018. The Financial Creditor claimed that a loan agreement was executed on January 29, 2011, where Phoenix Tech Tower Private Limited gave a loan of Rs. 9,00,00,000/- to A.P.Gems & Jewellary Park Private Limited. The total default claimed includes principal and interest at 15% per annum compounded quarterly.
Phoenix Tech Tower Private Limited (Financial Creditor) filed a petition against A.P.Gems & Jewellary Park Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 18,06,10,770/- as of 31.12.2018. This amount is based on a loan agreement dated January 29, 2011, where the Financial Creditor lent Rs. 9,00,00,000/- to the Corporate Debtor. The claimed default includes principal and interest at 15% per annum compounded quarterly. The Financial Creditor submitted documents to prove the existence of the financial debt, including the certificate of incorporation, charter documents, Form 26 AS, financial statements, letters of intimation, and legal notices. The Corporate Debtor was served a notice but did not
…Loan agreement executed between Phoenix Tech…
Tribunal serve…