The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process. The petitioner, a Non-Banking Financial Company, claimed that the respondent/corporate debtor was unable to liquidate its financial debt. The corporate debtor had approached the financial creditor for a loan to purchase a Mercedes Benz car. A loan agreement was executed on 2016-08-19, with an interest rate of 11.09% per annum, amounting to Rs. 39,14,417/-, to be repaid in 36 equated monthly installments. The corporate debtor failed to adhere to the repayment schedule, leading to the invocation of the Early Termination Quotation by the financial creditor.
Daimler Financial Services Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sharda Gems and Jewels Pvt. Ltd. The petitioner, a Non-Banking Financial Company, provided financial assistance to the respondent for purchasing a Mercedes Benz car. A loan of Rs. 31,27,606/- was granted, and a loan agreement was executed on 2016-08-19, with an interest rate of 11.09% per annum, totaling Rs. 39,14,417/-, to be repaid in 36 monthly installments. The respondent failed to adhere to the repayment schedule, despite repeated requests and reminders, including a notice under Section 271(2) of the Companies Act. The outstanding debt amounted to Rs. 35,99,444.20/-. The respondent failed to appear in court to resist the petition.
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Loan agreement executed between Daimler…
Scheduled start date…
The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process. The petitioner, a Non-Banking Financial Company, claimed that the respondent/corporate debtor was unable to liquidate its financial debt. The corporate debtor had approached the financial creditor for a loan to purchase a Mercedes Benz car. A loan agreement was executed on 2016-08-19, with an interest rate of 11.09% per annum, amounting to Rs. 39,14,417/-, to be repaid in 36 equated monthly installments. The corporate debtor failed to adhere to the repayment schedule, leading to the invocation of the Early Termination Quotation by the financial creditor.
Daimler Financial Services Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Sharda Gems and Jewels Pvt. Ltd. The petitioner, a Non-Banking Financial Company, provided financial assistance to the respondent for purchasing a Mercedes Benz car. A loan of Rs. 31,27,606/- was granted, and a loan agreement was executed on 2016-08-19, with an interest rate of 11.09% per annum, totaling Rs. 39,14,417/-, to be repaid in 36 monthly installments. The respondent failed to adhere to the repayment schedule, despite repeated requests and reminders, including a notice under Section 271(2) of the Companies Act. The outstanding debt amounted to Rs. 35,99,444.20/-. The respondent failed to appear in court to resist the petition.
Loan agreement executed between Daimler…
Scheduled start date…