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 petition was filed due to the Corporate Debtor's failure to repay a loan of Rs. 10 Crore along with interest. The Corporate Debtor had approached the Financial Creditor for the loan, agreeing to pay interest at 15% per annum with an additional 2% penal interest. The loan was disbursed in March 2017, and the Corporate Debtor also executed a Demand Promissory Note and a letter of continuing guarantee. Despite this, the Corporate Debtor defaulted on
…1. Yaduka Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Monotype India Limited (Corporate Debtor).
2. The Corporate Debtor is a private company incorporated on 30.09.1974 under the Companies Act, 1956.
3. The petition was filed on 25.09.2018 due to the Corporate Debtor's failure to pay Rs. 12,17,43,290/-, with the date of default stated as 26.03.2018.
4. The Corporate Debtor requested a loan of Rs. 10 Crore from the Financial Creditor, with an interest rate of 15% per annum and a penal interest of 2% per annum.
5. The loan was disbursed on 22.03.2017, 23.03.2017, and 24.03.2017, and the Corporate Debtor acknowledged the
Sign in to view the parties.
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 petition was filed due to the Corporate Debtor's failure to repay a loan of Rs. 10 Crore along with interest. The Corporate Debtor had approached the Financial Creditor for the loan, agreeing to pay interest at 15% per annum with an additional 2% penal interest. The loan was disbursed in March 2017, and the Corporate Debtor also executed a Demand Promissory Note and a letter of continuing guarantee. Despite this, the Corporate Debtor defaulted on
…1. Yaduka Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Monotype India Limited (Corporate Debtor).
2. The Corporate Debtor is a private company incorporated on 30.09.1974 under the Companies Act, 1956.
3. The petition was filed on 25.09.2018 due to the Corporate Debtor's failure to pay Rs. 12,17,43,290/-, with the date of default stated as 26.03.2018.
4. The Corporate Debtor requested a loan of Rs. 10 Crore from the Financial Creditor, with an interest rate of 15% per annum and a penal interest of 2% per annum.
5. The loan was disbursed on 22.03.2017, 23.03.2017, and 24.03.2017, and the Corporate Debtor acknowledged the
Monotype India Limited…
Rs.10 Crore di…