Daimler Financial Services Pvt. Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rising Buildwell Pvt. Ltd, the Corporate Debtor, due to their inability to liquidate a financial debt. The petitioner, a Non-Banking Financial Company, had provided financial assistance to the Corporate Debtor for purchasing a Mercedes Benz car. A loan agreement was executed on 2015-01-30, with an interest rate of 11.30% per annum, amounting to Rs. 43,49,302/-, to be repaid in 48 equated monthly installments. The Corporate Debtor failed to adhere to the repayment schedule, leading to the petition for initiating the Corporate Insolvency Resolution Process (CIRP).
Daimler Financial Services Pvt. Ltd., a Non-Banking Financial Company, provided a loan of Rs. 32,31,000/- to Rising Buildwell Pvt. Ltd. for the purchase of a Mercedes Benz C 200 CDI Sports car. A loan agreement was executed on 2015-01-30, stipulating an interest rate of 11.30% per annum, with the total amount due being Rs. 43,49,302/-, repayable in 48 equated monthly installments of Rs. 58,166/- from 2015-03-02 to 2019-02-02. Rising Buildwell Pvt. Ltd. defaulted on the repayment schedule, despite repeated requests and reminders, including a notice under Section 271(2) of the Companies Act. As of the date of invoking the Early Termination Quotation, the outstanding debt was Rs. 29,11,997.26/-. Rising Buildwell Pvt. Ltd. failed to appear before the NCLT to contest the
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Loan agreement executed between Daimler…
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Daimler Financial Services Pvt. Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rising Buildwell Pvt. Ltd, the Corporate Debtor, due to their inability to liquidate a financial debt. The petitioner, a Non-Banking Financial Company, had provided financial assistance to the Corporate Debtor for purchasing a Mercedes Benz car. A loan agreement was executed on 2015-01-30, with an interest rate of 11.30% per annum, amounting to Rs. 43,49,302/-, to be repaid in 48 equated monthly installments. The Corporate Debtor failed to adhere to the repayment schedule, leading to the petition for initiating the Corporate Insolvency Resolution Process (CIRP).
Daimler Financial Services Pvt. Ltd., a Non-Banking Financial Company, provided a loan of Rs. 32,31,000/- to Rising Buildwell Pvt. Ltd. for the purchase of a Mercedes Benz C 200 CDI Sports car. A loan agreement was executed on 2015-01-30, stipulating an interest rate of 11.30% per annum, with the total amount due being Rs. 43,49,302/-, repayable in 48 equated monthly installments of Rs. 58,166/- from 2015-03-02 to 2019-02-02. Rising Buildwell Pvt. Ltd. defaulted on the repayment schedule, despite repeated requests and reminders, including a notice under Section 271(2) of the Companies Act. As of the date of invoking the Early Termination Quotation, the outstanding debt was Rs. 29,11,997.26/-. Rising Buildwell Pvt. Ltd. failed to appear before the NCLT to contest the
…Loan agreement executed between Daimler…
Start date f…