Jaiprakash Overseas Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Techno Fab Manufacturing Limited. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 5,20,219 as of 31.10.2017. The Corporate Debtor had approached the Financial Creditor for a loan for working capital and was advanced an Inter Corporate Deposit/loan of Rs. 20,00,000 bearing interest @ 12% p.a. The loan was made by RTGS from Punjab National Bank, Princep Street branch, Kolkata. The loan was initially granted for six months and renewed repeatedly on oral request of the Corporate Debtor until 5th July, 2017. The
…Jaiprakash Overseas Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Techno Fab Manufacturing Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a working capital loan, which was advanced as an Inter Corporate Deposit/loan of Rs. 20,00,000 at 12% p.a. The loan was disbursed via RTGS from Punjab National Bank on 06.07.2015. The Corporate Debtor made partial repayments on 08.07.2016, 27.09.2016, and 04.04.2017, leaving an outstanding amount of Rs. 5,20,219 as of 31.10.2017. The Corporate Debtor's repayments became irregular after July 5, 2017. The Financial Creditor proposed Mr. Hrisikesh Dasgupta as the Interim Resolution Professional. The Corporate Debtor
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The Financial Creditor disbursed a loan of Rs.…
The Corporate Debtor…
Jaiprakash Overseas Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against the Corporate Debtor, Techno Fab Manufacturing Limited. The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 5,20,219 as of 31.10.2017. The Corporate Debtor had approached the Financial Creditor for a loan for working capital and was advanced an Inter Corporate Deposit/loan of Rs. 20,00,000 bearing interest @ 12% p.a. The loan was made by RTGS from Punjab National Bank, Princep Street branch, Kolkata. The loan was initially granted for six months and renewed repeatedly on oral request of the Corporate Debtor until 5th July, 2017. The
…Jaiprakash Overseas Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Techno Fab Manufacturing Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a working capital loan, which was advanced as an Inter Corporate Deposit/loan of Rs. 20,00,000 at 12% p.a. The loan was disbursed via RTGS from Punjab National Bank on 06.07.2015. The Corporate Debtor made partial repayments on 08.07.2016, 27.09.2016, and 04.04.2017, leaving an outstanding amount of Rs. 5,20,219 as of 31.10.2017. The Corporate Debtor's repayments became irregular after July 5, 2017. The Financial Creditor proposed Mr. Hrisikesh Dasgupta as the Interim Resolution Professional. The Corporate Debtor
…The Financial Creditor disbursed a loan of Rs.…
The Corporate Debtor…