OXYZO Financial Services Pvt. Ltd., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against P. Praful & Company Agency (India) Pvt. Ltd., the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956. The Financial Creditor stated that the Corporate Debtor approached them for financial assistance in December 2017, leading to a Master Facilities Agreement on 2018-01-05 and an addendum on 2018-12-29. The Financial Creditor sanctioned a loan of Rs. 1,00,00,000/- to the Corporate Debtor on 2017-12-29 with 18% interest per
…OXYZO Financial Services Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against P. Praful & Company Agency (India) Pvt. Ltd. (Corporate Debtor). The Corporate Debtor approached the Financial Creditor in December 2017 for financial assistance, leading to a Master Facilities Agreement on 2018-01-05 and an addendum on 2018-12-29. The Financial Creditor sanctioned a loan of Rs. 1,00,00,000/- to the Corporate Debtor on 2017-12-29 with 18% interest per annum. As of 2019-09-30, the total amount of debt due was Rs. 1,05,68,424/-. A loan recall notice was issued on 2019-09-30, and a demand notice on 2019-10-31, but the Corporate Debtor failed to repay.
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The Corporate Debtor…
The Financial Creditor sanctioned a loan of…
OXYZO Financial Services Pvt. Ltd., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy Application to Adjudicating Authority Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against P. Praful & Company Agency (India) Pvt. Ltd., the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956. The Financial Creditor stated that the Corporate Debtor approached them for financial assistance in December 2017, leading to a Master Facilities Agreement on 2018-01-05 and an addendum on 2018-12-29. The Financial Creditor sanctioned a loan of Rs. 1,00,00,000/- to the Corporate Debtor on 2017-12-29 with 18% interest per
…OXYZO Financial Services Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against P. Praful & Company Agency (India) Pvt. Ltd. (Corporate Debtor). The Corporate Debtor approached the Financial Creditor in December 2017 for financial assistance, leading to a Master Facilities Agreement on 2018-01-05 and an addendum on 2018-12-29. The Financial Creditor sanctioned a loan of Rs. 1,00,00,000/- to the Corporate Debtor on 2017-12-29 with 18% interest per annum. As of 2019-09-30, the total amount of debt due was Rs. 1,05,68,424/-. A loan recall notice was issued on 2019-09-30, and a demand notice on 2019-10-31, but the Corporate Debtor failed to repay.
…The Corporate Debtor…
The Financial Creditor sanctioned a loan of…