Religare Finvest Limited (the 'Petitioner') initiated Corporate Insolvency Resolution Process (CIRP) against Nippon Investment and Finance Company Private Limited (the 'Corporate Debtor') due to a default in repayment of a facility amounting to Rs. 6,29,20,138/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Petitioner had granted a loan of Rs. 30 crores to the Corporate Debtor on 17.06.2014 against a Securities Agreement dated 25.06.2014. The Corporate Debtor defaulted in making payments towards the liability.
Religare Finvest Limited ('Petitioner') granted a loan of Rs. 30 crores to Nippon Investment and Finance Company Private Limited ('Corporate Debtor') on 17.06.2014, secured by a Securities Agreement dated 25.06.2014. The Corporate Debtor defaulted on repayments, leading to a total outstanding of Rs. 6,29,20,138/-. The Petitioner issued a notice on 19.09.2017, recalling the entire balance of Rs. 5,42,00,000/- as on 18.09.2017. Attempts to serve the petition to the Corporate Debtor's registered office failed, resulting in substituted service via newspaper publication. The Corporate Debtor was absent during the hearings. The statement of account confirmed the claimed amount and the defaults in payment of installment dues, including penal interest.
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The Petitioner granted…
Securities Agreement…
Religare Finvest Limited (the 'Petitioner') initiated Corporate Insolvency Resolution Process (CIRP) against Nippon Investment and Finance Company Private Limited (the 'Corporate Debtor') due to a default in repayment of a facility amounting to Rs. 6,29,20,138/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Petitioner had granted a loan of Rs. 30 crores to the Corporate Debtor on 17.06.2014 against a Securities Agreement dated 25.06.2014. The Corporate Debtor defaulted in making payments towards the liability.
Religare Finvest Limited ('Petitioner') granted a loan of Rs. 30 crores to Nippon Investment and Finance Company Private Limited ('Corporate Debtor') on 17.06.2014, secured by a Securities Agreement dated 25.06.2014. The Corporate Debtor defaulted on repayments, leading to a total outstanding of Rs. 6,29,20,138/-. The Petitioner issued a notice on 19.09.2017, recalling the entire balance of Rs. 5,42,00,000/- as on 18.09.2017. Attempts to serve the petition to the Corporate Debtor's registered office failed, resulting in substituted service via newspaper publication. The Corporate Debtor was absent during the hearings. The statement of account confirmed the claimed amount and the defaults in payment of installment dues, including penal interest.
The Petitioner granted…
Securities Agreement…