The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by a Non-Banking Financial Company (Jindal Saxena Financial Services Pvt. Ltd.) to initiate Corporate Insolvency Resolution Process (CIRP) against Mayfair Capital Private Limited, the 'Corporate Debtor'. The Financial Creditor, registered as an NBFC under Section 45 1A of the Reserve Bank of India Act, 1934, had extended a loan of Rs. 44,50,00,000/- to the Corporate Debtor through an Inter Corporate Deposit Agreement executed on 25.04.2014. The loan was disbursed between 28.04.2014 and 06.06.2014. The Corporate Debtor defaulted on repayment, leading to the application for CIRP.
Jindal Saxena Financial Services Pvt. Ltd., a Non-Banking Financial Company (NBFC) registered under Section 45 1A of the Reserve Bank of India Act, 1934, extended a loan of Rs. 44,50,00,000/- to Mayfair Capital Private Limited, the Corporate Debtor, through an Inter Corporate Deposit Agreement dated 25.04.2014. The loan was disbursed between 28.04.2014 and 06.06.2014. The Corporate Debtor defaulted on repayment, which was due on 24.04.2016, and failed to pay interest, resulting in an outstanding amount of Rs. 8,17,70,274/- as of 07.03.2017. The Financial Creditor served legal notices on the Corporate Debtor on 26.11.2015 and 15.03.2017, demanding repayment of the outstanding amount, which totaled Rs. 56,33,96,066/-. The Corporate Debtor failed to make any payments. The
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The Financial Creditor is registered as an NBFC…
The Financial Creditor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by a Non-Banking Financial Company (Jindal Saxena Financial Services Pvt. Ltd.) to initiate Corporate Insolvency Resolution Process (CIRP) against Mayfair Capital Private Limited, the 'Corporate Debtor'. The Financial Creditor, registered as an NBFC under Section 45 1A of the Reserve Bank of India Act, 1934, had extended a loan of Rs. 44,50,00,000/- to the Corporate Debtor through an Inter Corporate Deposit Agreement executed on 25.04.2014. The loan was disbursed between 28.04.2014 and 06.06.2014. The Corporate Debtor defaulted on repayment, leading to the application for CIRP.
Jindal Saxena Financial Services Pvt. Ltd., a Non-Banking Financial Company (NBFC) registered under Section 45 1A of the Reserve Bank of India Act, 1934, extended a loan of Rs. 44,50,00,000/- to Mayfair Capital Private Limited, the Corporate Debtor, through an Inter Corporate Deposit Agreement dated 25.04.2014. The loan was disbursed between 28.04.2014 and 06.06.2014. The Corporate Debtor defaulted on repayment, which was due on 24.04.2016, and failed to pay interest, resulting in an outstanding amount of Rs. 8,17,70,274/- as of 07.03.2017. The Financial Creditor served legal notices on the Corporate Debtor on 26.11.2015 and 15.03.2017, demanding repayment of the outstanding amount, which totaled Rs. 56,33,96,066/-. The Corporate Debtor failed to make any payments. The
…The Financial Creditor is registered as an NBFC…
The Financial Creditor…