The case involves an application filed by Daimler Financial Services India Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Premier Security & Detective Bureau Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted in repaying a loan amount of ₹74,16,705.31 as of 26.06.2019. The loan was taken for the purchase of a second-hand Mercedes-Benz car, with a loan agreement dated 16.03.2018, stipulating repayment within 48 months at 11% interest.
Daimler Financial Services India Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Premier Security & Detective Bureau Private Limited (Corporate Debtor). The Corporate Debtor defaulted on a loan of ₹74,16,705.31 as of 26.06.2019. The loan agreement, dated 16.03.2018, was for ₹72 Lakhs to purchase a second-hand Mercedes-Benz, repayable in 48 months at 11% interest. A Deed of Hypothecation was also executed. The Financial Creditor presented a statement of accounts showing the Corporate Debtor failed to pay EMIs from 13.05.2018. A recall notice was issued on 03.08.2018, demanding ₹74,63,170.33. The Corporate Debtor argued that the
…Sign in to view the parties.
The Insolvency and…
Loan Agreement executed between Daimler…
The case involves an application filed by Daimler Financial Services India Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Premier Security & Detective Bureau Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted in repaying a loan amount of ₹74,16,705.31 as of 26.06.2019. The loan was taken for the purchase of a second-hand Mercedes-Benz car, with a loan agreement dated 16.03.2018, stipulating repayment within 48 months at 11% interest.
Daimler Financial Services India Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Premier Security & Detective Bureau Private Limited (Corporate Debtor). The Corporate Debtor defaulted on a loan of ₹74,16,705.31 as of 26.06.2019. The loan agreement, dated 16.03.2018, was for ₹72 Lakhs to purchase a second-hand Mercedes-Benz, repayable in 48 months at 11% interest. A Deed of Hypothecation was also executed. The Financial Creditor presented a statement of accounts showing the Corporate Debtor failed to pay EMIs from 13.05.2018. A recall notice was issued on 03.08.2018, demanding ₹74,63,170.33. The Corporate Debtor argued that the
…The Insolvency and…
Loan Agreement executed between Daimler…