Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Pandit Automotive Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the alleged default in repayment of a financial debt. The corporate debtor had requested Reliance Capital Limited (original lender) for a loan of ₹10,00,00,000 as a short-term working capital facility, which was sanctioned. Reliance Capital Limited and the Debtor entered into a Trade Finance Agreement dated 10.12.2009, with a repayment agreement within 60 days. Reliance Commercial Capital demerged its finance business, resulting in M/s. Reliance Commercial Finance Limited becoming the financial creditor.
M/s. Pandit Automotive Private Limited (Corporate Debtor) requested a loan of ₹10,00,00,000 from Reliance Capital Limited (Original Lender) on 2009-12-10 as a short-term working capital facility. Reliance Capital Limited sanctioned the loan. A Trade Finance Agreement was entered into on 2009-12-10, stipulating repayment within 60 days. The loan was initially sanctioned at an interest rate of 16.25% per annum, with an additional 1.75% per annum in case of default. Reliance Commercial Capital demerged its finance business, with M/s. Reliance Commercial Finance Limited becoming the financial creditor. The Debtor defaulted on 2016-09-07. The Debtor executed a Demand Promissory Note on 2009-12-12 for ₹10,00,00,000. The Debtor issued a cheque for ₹3,99,39,465.27 on
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The Debtor requested a…
Reliance Capital…
Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Pandit Automotive Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the alleged default in repayment of a financial debt. The corporate debtor had requested Reliance Capital Limited (original lender) for a loan of ₹10,00,00,000 as a short-term working capital facility, which was sanctioned. Reliance Capital Limited and the Debtor entered into a Trade Finance Agreement dated 10.12.2009, with a repayment agreement within 60 days. Reliance Commercial Capital demerged its finance business, resulting in M/s. Reliance Commercial Finance Limited becoming the financial creditor.
M/s. Pandit Automotive Private Limited (Corporate Debtor) requested a loan of ₹10,00,00,000 from Reliance Capital Limited (Original Lender) on 2009-12-10 as a short-term working capital facility. Reliance Capital Limited sanctioned the loan. A Trade Finance Agreement was entered into on 2009-12-10, stipulating repayment within 60 days. The loan was initially sanctioned at an interest rate of 16.25% per annum, with an additional 1.75% per annum in case of default. Reliance Commercial Capital demerged its finance business, with M/s. Reliance Commercial Finance Limited becoming the financial creditor. The Debtor defaulted on 2016-09-07. The Debtor executed a Demand Promissory Note on 2009-12-12 for ₹10,00,00,000. The Debtor issued a cheque for ₹3,99,39,465.27 on
…The Debtor requested a…
Reliance Capital…