Apundarik Merchants Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Citylife Retail Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default in repayment of an Inter Corporate Deposit (ICD) of Rs. 25,00,000/-. The Corporate Debtor had approached the Financial Creditor for the loan, agreeing to repay it by September 30, 2019, with 15% interest per annum. The Corporate Debtor issued a demand promissory note, a letter of undertaking, and a money receipt acknowledging the loan. However, a cheque issued for repayment was dishonored due to signature mismatch. The Financial Creditor recalled the loan and initiated proceedings under the IBC.
Apundarik Merchants Private Limited (Financial Creditor) extended an Inter Corporate Deposit (ICD) of Rs. 25,00,000/- to Citylife Retail Private Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for the loan, agreeing to repay it by September 30, 2019, with 15% interest per annum. The agreement was supported by a demand promissory note dated 10.04.2019, a letter of undertaking dated 17.04.2019, and a money receipt dated 10.04.2019. The Corporate Debtor issued three cheques, including one for Rs. 25,00,000/-, towards repayment. However, the Rs. 25,00,000/- cheque was dishonored due to a signature mismatch. The Financial Creditor issued a recalling notice dated 18.01.2020, demanding repayment. The Corporate Debtor defaulted on the
…Sign in to view the parties.
Corporate Debtor issued…
Corporate Debtor issued…
Apundarik Merchants Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Citylife Retail Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default in repayment of an Inter Corporate Deposit (ICD) of Rs. 25,00,000/-. The Corporate Debtor had approached the Financial Creditor for the loan, agreeing to repay it by September 30, 2019, with 15% interest per annum. The Corporate Debtor issued a demand promissory note, a letter of undertaking, and a money receipt acknowledging the loan. However, a cheque issued for repayment was dishonored due to signature mismatch. The Financial Creditor recalled the loan and initiated proceedings under the IBC.
Apundarik Merchants Private Limited (Financial Creditor) extended an Inter Corporate Deposit (ICD) of Rs. 25,00,000/- to Citylife Retail Private Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for the loan, agreeing to repay it by September 30, 2019, with 15% interest per annum. The agreement was supported by a demand promissory note dated 10.04.2019, a letter of undertaking dated 17.04.2019, and a money receipt dated 10.04.2019. The Corporate Debtor issued three cheques, including one for Rs. 25,00,000/-, towards repayment. However, the Rs. 25,00,000/- cheque was dishonored due to a signature mismatch. The Financial Creditor issued a recalling notice dated 18.01.2020, demanding repayment. The Corporate Debtor defaulted on the
…Corporate Debtor issued…
Corporate Debtor issued…