L&T Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner, L&T Finance Limited, claimed that the Corporate Debtor had defaulted in repayment of a loan. The loan was secured by a Deed of Hypothecation and guaranteed by Shri Ajay Dwarkadas Thakkar. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award in favor of the Petitioner. Despite multiple notices, the Corporate Debtor failed to repay the outstanding amount.
L&T Finance Limited, the Petitioner and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner claimed that the Corporate Debtor had defaulted in repayment of a loan of Rs. 58,36,000 sanctioned in May 2013. The total outstanding amount as of 16.8.2017 was Rs. 82,65,349.21, including principal and interest. The loan was secured by a Deed of Hypothecation dated 24th May, 2013, and guaranteed by Shri Ajay Dwarkadas Thakkar through a Deed of Guarantee dated 27th May, 2013. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award on 19.9.2016 holding the
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Petitioner granted a…
Deed of Hypoth…
L&T Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner, L&T Finance Limited, claimed that the Corporate Debtor had defaulted in repayment of a loan. The loan was secured by a Deed of Hypothecation and guaranteed by Shri Ajay Dwarkadas Thakkar. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award in favor of the Petitioner. Despite multiple notices, the Corporate Debtor failed to repay the outstanding amount.
L&T Finance Limited, the Petitioner and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner claimed that the Corporate Debtor had defaulted in repayment of a loan of Rs. 58,36,000 sanctioned in May 2013. The total outstanding amount as of 16.8.2017 was Rs. 82,65,349.21, including principal and interest. The loan was secured by a Deed of Hypothecation dated 24th May, 2013, and guaranteed by Shri Ajay Dwarkadas Thakkar through a Deed of Guarantee dated 27th May, 2013. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award on 19.9.2016 holding the
…Petitioner granted a…
Deed of Hypoth…