Helpage Finlease Limited filed a Company Petition against CTV Networks Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor had approached the Financial Creditor for a short-term loan of Rs. 25,00,000 in June 2016 to meet urgent business requirements. The Financial Creditor advanced the loan for a period of three weeks, with the Corporate Debtor agreeing to pay interest at 18% p.a. However, the Corporate Debtor failed to repay the amount. The total amount in default as of September 3, 2018, was Rs. 34,99,863.
In June 2016, CTV Networks Private Limited (Corporate Debtor) requested a short-term loan of Rs. 25,00,000 from Helpage Finlease Limited (Financial Creditor) to address urgent business needs. Helpage Finlease Limited provided the loan for three weeks at an 18% annual interest rate. CTV Networks Private Limited failed to repay the loan as agreed. As of September 3, 2018, the total default amount was Rs. 34,99,863. Helpage Finlease Limited issued a demand notice on August 6, 2018, but CTV Networks Private Limited remained silent. CTV Networks Private Limited argued that the loan was barred under Section 180(i)(c) of the Companies Act, 2013, due to the lack of an Extraordinary General Body Meeting and that Helpage Finlease Limited was not a 'financial creditor'. CTV
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The Corporate Debtor approached the Financial…
The loan was to be repaid by this date, but the…
Helpage Finlease Limited filed a Company Petition against CTV Networks Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor had approached the Financial Creditor for a short-term loan of Rs. 25,00,000 in June 2016 to meet urgent business requirements. The Financial Creditor advanced the loan for a period of three weeks, with the Corporate Debtor agreeing to pay interest at 18% p.a. However, the Corporate Debtor failed to repay the amount. The total amount in default as of September 3, 2018, was Rs. 34,99,863.
In June 2016, CTV Networks Private Limited (Corporate Debtor) requested a short-term loan of Rs. 25,00,000 from Helpage Finlease Limited (Financial Creditor) to address urgent business needs. Helpage Finlease Limited provided the loan for three weeks at an 18% annual interest rate. CTV Networks Private Limited failed to repay the loan as agreed. As of September 3, 2018, the total default amount was Rs. 34,99,863. Helpage Finlease Limited issued a demand notice on August 6, 2018, but CTV Networks Private Limited remained silent. CTV Networks Private Limited argued that the loan was barred under Section 180(i)(c) of the Companies Act, 2013, due to the lack of an Extraordinary General Body Meeting and that Helpage Finlease Limited was not a 'financial creditor'. CTV
…The Corporate Debtor approached the Financial…
The loan was to be repaid by this date, but the…