Axis Bank Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Talwalkars Better Value Fitness Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of Rs.66,80,82,791.17/- along with interest. The Corporate Debtor remained unrepresented despite opportunities given to appear and submit a reply.
Axis Bank Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Talwalkars Better Value Fitness Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs.66,80,82,791.17/- (Rupees sixty-six crore eighty lakh eighty-two thousand seven hundred ninety-one and seventeen rupees only) along with interest @09.75% p.a. and Penal Interest @2% p.a. The date of default is 29.08.2019. The date of NPA is 28.11.2019. The Applicant had granted to Corporate Debtor Term Loan Facility for Rs.2,98,07,00,000/- for refinancing the term loan of Rs.1,98,07,00,000/- from State Bank of India and Rs.1,00,00,00,000/- for meeting the capital expenditure and other transactional expenses,
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Insolvency & Ba…
Sanction letter for…
Axis Bank Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Talwalkars Better Value Fitness Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of Rs.66,80,82,791.17/- along with interest. The Corporate Debtor remained unrepresented despite opportunities given to appear and submit a reply.
Axis Bank Limited filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Talwalkars Better Value Fitness Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs.66,80,82,791.17/- (Rupees sixty-six crore eighty lakh eighty-two thousand seven hundred ninety-one and seventeen rupees only) along with interest @09.75% p.a. and Penal Interest @2% p.a. The date of default is 29.08.2019. The date of NPA is 28.11.2019. The Applicant had granted to Corporate Debtor Term Loan Facility for Rs.2,98,07,00,000/- for refinancing the term loan of Rs.1,98,07,00,000/- from State Bank of India and Rs.1,00,00,00,000/- for meeting the capital expenditure and other transactional expenses,
…Insolvency & Ba…
Sanction letter for…