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, which was to be repaid by July 7, 2016, with 18% interest per annum. The Corporate Debtor failed to repay the loan, leading to a default of Rs. 34,99,863 as of September 3, 2018. The Financial Creditor issued a demand notice through its counsel on August 6, 2018, but the Corporate Debtor remained silent.
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 meet urgent business needs. The Financial Creditor granted the loan for three weeks at an interest rate of 18% per annum. The loan was to be repaid by July 7, 2016. The Corporate Debtor failed to repay the loan amount along with interest. As of September 3, 2018, the total amount in default was Rs. 34,99,863. The Financial Creditor issued a demand notice on August 6, 2018, but the Corporate Debtor did not respond. The Respondent argued that the loan was barred under Section 180(i)(c) of the Companies Act, 2013, due to the absence of an Extraordinary General Body Meeting and that the Petitioner did not fall
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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, which was to be repaid by July 7, 2016, with 18% interest per annum. The Corporate Debtor failed to repay the loan, leading to a default of Rs. 34,99,863 as of September 3, 2018. The Financial Creditor issued a demand notice through its counsel on August 6, 2018, but the Corporate Debtor remained silent.
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 meet urgent business needs. The Financial Creditor granted the loan for three weeks at an interest rate of 18% per annum. The loan was to be repaid by July 7, 2016. The Corporate Debtor failed to repay the loan amount along with interest. As of September 3, 2018, the total amount in default was Rs. 34,99,863. The Financial Creditor issued a demand notice on August 6, 2018, but the Corporate Debtor did not respond. The Respondent argued that the loan was barred under Section 180(i)(c) of the Companies Act, 2013, due to the absence of an Extraordinary General Body Meeting and that the Petitioner did not fall
…Corporate Debtor…
Date by which the…