The case involves a Company Petition filed by Urvasi Theatres Private Limited (Financial Creditor) against Liners India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition pertains to the non-payment of dues amounting to Rs. 60,00,000/- arising from an Inter-Corporate Deposit (ICD) agreement. The Financial Creditor deposited the amount with the Corporate Debtor based on a request and assurance of repayment by March 31, 2018. Despite multiple letters and requests, the Corporate Debtor failed to repay the amount.
Urvasi Theatres Private Limited (Financial Creditor) filed a Company Petition against Liners India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to non-payment of dues. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Deposit (ICD) agreement dated 30th October, 2017, where the Financial Creditor deposited Rs. 60,00,000/- with the Corporate Debtor. The Corporate Debtor requested the ICD and assured repayment by March 31, 2018. The Financial Creditor deposited the amount on 03.11.2017. The ICD carried an interest rate of 13% p.a. payable monthly. The Corporate Debtor failed to repay the amount by the agreed date. The Financial Creditor sent multiple letters demanding repayment. The Corporate Debtor
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Inter-Corporate Deposit Agreement entered…
Urvasi Theatres Pvt Ltd…
The case involves a Company Petition filed by Urvasi Theatres Private Limited (Financial Creditor) against Liners India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition pertains to the non-payment of dues amounting to Rs. 60,00,000/- arising from an Inter-Corporate Deposit (ICD) agreement. The Financial Creditor deposited the amount with the Corporate Debtor based on a request and assurance of repayment by March 31, 2018. Despite multiple letters and requests, the Corporate Debtor failed to repay the amount.
Urvasi Theatres Private Limited (Financial Creditor) filed a Company Petition against Liners India Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to non-payment of dues. The Financial Creditor and Corporate Debtor entered into an Inter-Corporate Deposit (ICD) agreement dated 30th October, 2017, where the Financial Creditor deposited Rs. 60,00,000/- with the Corporate Debtor. The Corporate Debtor requested the ICD and assured repayment by March 31, 2018. The Financial Creditor deposited the amount on 03.11.2017. The ICD carried an interest rate of 13% p.a. payable monthly. The Corporate Debtor failed to repay the amount by the agreed date. The Financial Creditor sent multiple letters demanding repayment. The Corporate Debtor
…Inter-Corporate Deposit Agreement entered…
Urvasi Theatres Pvt Ltd…