Virgo Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Moving Picture Company (India) Limited, claiming to be a financial creditor. The petitioner claims that the corporate debtor is registered under the Companies Act, 1956. The respondent corporate debtor was incorporated on 01.06.1989. A loan agreement was entered into on 11th June 2018, where the corporate debtor was given a facility to borrow up to Rs. 25,00,000/-. An amount of Rs. 20,00,000/- was disbursed in two tranches on 13th June 2018 and 19th June 2018.
Virgo Services Private Limited (the petitioner) claimed to be a financial creditor of Moving Picture Company (India) Limited (the respondent/corporate debtor). A loan agreement was executed on June 11, 2018, allowing the corporate debtor to borrow up to Rs. 25,00,000/-. The petitioner disbursed Rs. 20,00,000/- in two tranches on June 13 and June 19, 2018. Interest was set at 1.25% per month, with a penal interest of 18% per annum for defaults. The corporate debtor paid Rs. 61,755/- in interest for two-and-a-half months, ceasing payments after August 31, 2018, resulting in a default from September 1, 2018. The financial creditor sent letters on September 15 and 22, 2018, demanding repayment. The respondent argued that the financial creditor had promised further funding
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The petitioner claims that it is a company…
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Virgo Services Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Moving Picture Company (India) Limited, claiming to be a financial creditor. The petitioner claims that the corporate debtor is registered under the Companies Act, 1956. The respondent corporate debtor was incorporated on 01.06.1989. A loan agreement was entered into on 11th June 2018, where the corporate debtor was given a facility to borrow up to Rs. 25,00,000/-. An amount of Rs. 20,00,000/- was disbursed in two tranches on 13th June 2018 and 19th June 2018.
Virgo Services Private Limited (the petitioner) claimed to be a financial creditor of Moving Picture Company (India) Limited (the respondent/corporate debtor). A loan agreement was executed on June 11, 2018, allowing the corporate debtor to borrow up to Rs. 25,00,000/-. The petitioner disbursed Rs. 20,00,000/- in two tranches on June 13 and June 19, 2018. Interest was set at 1.25% per month, with a penal interest of 18% per annum for defaults. The corporate debtor paid Rs. 61,755/- in interest for two-and-a-half months, ceasing payments after August 31, 2018, resulting in a default from September 1, 2018. The financial creditor sent letters on September 15 and 22, 2018, demanding repayment. The respondent argued that the financial creditor had promised further funding
…The petitioner claims that it is a company…
The Respondent…