The case pertains to a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Yaduka Financial Services Limited ("the Financial Creditor") seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Monotype India Limited ("the Corporate Debtor"). The Corporate Debtor is a private company limited by shares and incorporated on 30.09.1974 under the Companies Act, 1956. The petition was filed on 25.09.2018 before the Adjudicating Authority because the Corporate Debtor failed to make payment of Rs. 12,17,43,290/-. The date of default is stated to be 26.03.2018. The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 10 Crore, which was disbursed on 22.03.2017, 23.03.2017, and
…The Corporate Debtor, Monotype India Limited, sought a loan of Rs. 10 Crore from the Financial Creditor, Yaduka Financial Services Limited. The loan was disbursed on 22.03.2017, 23.03.2017, and 24.03.2017. The Corporate Debtor agreed to pay interest at 15% per annum, along with a penal interest of 2% per annum for defaults. A Demand Promissory Note was executed on 31.03.2017. The Corporate Debtor also issued a letter of continuing guarantee. TDS was deducted on the interest paid. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to present a cheque dated 23.04.2018, which was returned due to 'insufficient funds'. A demand notice under Section 138(b) of the Negotiable Instruments Act was issued. The Corporate Debtor failed to pay the
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Monotype India Limited…
Rs.10 Crore di…
The case pertains to a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Yaduka Financial Services Limited ("the Financial Creditor") seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Monotype India Limited ("the Corporate Debtor"). The Corporate Debtor is a private company limited by shares and incorporated on 30.09.1974 under the Companies Act, 1956. The petition was filed on 25.09.2018 before the Adjudicating Authority because the Corporate Debtor failed to make payment of Rs. 12,17,43,290/-. The date of default is stated to be 26.03.2018. The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 10 Crore, which was disbursed on 22.03.2017, 23.03.2017, and
…The Corporate Debtor, Monotype India Limited, sought a loan of Rs. 10 Crore from the Financial Creditor, Yaduka Financial Services Limited. The loan was disbursed on 22.03.2017, 23.03.2017, and 24.03.2017. The Corporate Debtor agreed to pay interest at 15% per annum, along with a penal interest of 2% per annum for defaults. A Demand Promissory Note was executed on 31.03.2017. The Corporate Debtor also issued a letter of continuing guarantee. TDS was deducted on the interest paid. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to present a cheque dated 23.04.2018, which was returned due to 'insufficient funds'. A demand notice under Section 138(b) of the Negotiable Instruments Act was issued. The Corporate Debtor failed to pay the
…Monotype India Limited…
Rs.10 Crore di…