Utsav Securities Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against SNS Diagnostics Limited due to an alleged default in settling a debt of Rs. 21,38,637, including interest. The applicant and respondent had an Overdraft Loan Agreement dated 30.01.2016, where the applicant was to advance Rs. 20,00,000 to the respondent. Between 30.03.2016 and 26.10.2018, the respondent received Rs. 17,57,185 from the applicant through bank transfers. The loan facility was renewed and expired on 01.04.2019, with the respondent liable to pay outstanding dues by 30.04.2019. The applicant issued a letter on 10.04.2019 informing the respondent of the repayment
…Utsav Securities Private Limited (Applicant) and SNS Diagnostics Limited (Respondent) entered into an Overdraft Loan Agreement on 30.01.2016, where the Applicant agreed to advance Rs. 20,00,000 to the Respondent. Between 30.03.2016 and 26.10.2018, the Respondent received Rs. 17,57,185 from the Applicant through various bank transfers. The loan facility was renewed but expired on 01.04.2019, with the Respondent required to pay outstanding dues by 30.04.2019. The Applicant issued a letter on 10.04.2019, reminding the Respondent of the repayment deadline. The Respondent failed to make any payments. The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Respondent for a default of Rs. 21,38,637,
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Utsav Securities Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against SNS Diagnostics Limited due to an alleged default in settling a debt of Rs. 21,38,637, including interest. The applicant and respondent had an Overdraft Loan Agreement dated 30.01.2016, where the applicant was to advance Rs. 20,00,000 to the respondent. Between 30.03.2016 and 26.10.2018, the respondent received Rs. 17,57,185 from the applicant through bank transfers. The loan facility was renewed and expired on 01.04.2019, with the respondent liable to pay outstanding dues by 30.04.2019. The applicant issued a letter on 10.04.2019 informing the respondent of the repayment
…Utsav Securities Private Limited (Applicant) and SNS Diagnostics Limited (Respondent) entered into an Overdraft Loan Agreement on 30.01.2016, where the Applicant agreed to advance Rs. 20,00,000 to the Respondent. Between 30.03.2016 and 26.10.2018, the Respondent received Rs. 17,57,185 from the Applicant through various bank transfers. The loan facility was renewed but expired on 01.04.2019, with the Respondent required to pay outstanding dues by 30.04.2019. The Applicant issued a letter on 10.04.2019, reminding the Respondent of the repayment deadline. The Respondent failed to make any payments. The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against the Respondent for a default of Rs. 21,38,637,
…Applicant and Respondent entered into an…
Start date of loan…