Axis Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited, the Corporate Debtor. The petition was filed on March 3, 2020, before the Adjudicating Authority, alleging that the Corporate Debtor failed to make payment of the total outstanding sum of Rs. 1,57,84,25,009.33, including accrued interest as of January 31, 2020. The outstanding amount comprised Rupee Term Loans, Debenture Trust Deeds (DTDs), and vendor financing.
Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited, the Corporate Debtor. The Corporate Debtor is a private company incorporated on April 23, 2016. The petition was filed on March 3, 2020, claiming a total outstanding amount of Rs. 1,57,84,25,009.33 as of January 31, 2020. This amount includes Rs. 62,28,72,603.86 in Rupee Term Loans, Rs. 90,25,06,045.00 under Debenture Trust Deeds (DTDs), and Rs. 5,30,46,360.48 under vendor financing. The dates of default for Rupee Term Loans, DTDs, and vendor financing were August 29, 2019, September 4, 2019, and August 10, 2019, respectively. The Financial
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Talwalkars Healthclubs…
Financial Creditor…
Axis Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited, the Corporate Debtor. The petition was filed on March 3, 2020, before the Adjudicating Authority, alleging that the Corporate Debtor failed to make payment of the total outstanding sum of Rs. 1,57,84,25,009.33, including accrued interest as of January 31, 2020. The outstanding amount comprised Rupee Term Loans, Debenture Trust Deeds (DTDs), and vendor financing.
Axis Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Talwalkars Healthclubs Limited, the Corporate Debtor. The Corporate Debtor is a private company incorporated on April 23, 2016. The petition was filed on March 3, 2020, claiming a total outstanding amount of Rs. 1,57,84,25,009.33 as of January 31, 2020. This amount includes Rs. 62,28,72,603.86 in Rupee Term Loans, Rs. 90,25,06,045.00 under Debenture Trust Deeds (DTDs), and Rs. 5,30,46,360.48 under vendor financing. The dates of default for Rupee Term Loans, DTDs, and vendor financing were August 29, 2019, September 4, 2019, and August 10, 2019, respectively. The Financial
…Talwalkars Healthclubs…
Financial Creditor…