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 (CIRP) against the Corporate Debtor, Techno Fab Manufacturing Limited, due to a default in payment of Rs. 5,20,219/- as of 31.10.2017. The Corporate Debtor had taken a loan of Rs. 20 lakhs from the Financial Creditor for working capital, bearing interest at 12% p.a. The loan was disbursed via RTGS from Punjab National Bank on 06.07.2015. While the Corporate Debtor made some repayments, a default occurred, leading to the application for CIRP.
Jaiprakash Overseas Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Techno Fab Manufacturing Limited (Corporate Debtor). The Corporate Debtor availed a loan of Rs. 20 lakhs from the Financial Creditor for working capital, with an interest rate of 12% p.a. The loan was disbursed on 06.07.2015 via RTGS from Punjab National Bank. The Corporate Debtor made some repayments, but defaulted on an amount of Rs. 5,20,219/- as of 31.10.2017. The Financial Creditor submitted a written communication dated 15th November 2017, in terms of Rule 9(1) of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate
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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 (CIRP) against the Corporate Debtor, Techno Fab Manufacturing Limited, due to a default in payment of Rs. 5,20,219/- as of 31.10.2017. The Corporate Debtor had taken a loan of Rs. 20 lakhs from the Financial Creditor for working capital, bearing interest at 12% p.a. The loan was disbursed via RTGS from Punjab National Bank on 06.07.2015. While the Corporate Debtor made some repayments, a default occurred, leading to the application for CIRP.
Jaiprakash Overseas Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Techno Fab Manufacturing Limited (Corporate Debtor). The Corporate Debtor availed a loan of Rs. 20 lakhs from the Financial Creditor for working capital, with an interest rate of 12% p.a. The loan was disbursed on 06.07.2015 via RTGS from Punjab National Bank. The Corporate Debtor made some repayments, but defaulted on an amount of Rs. 5,20,219/- as of 31.10.2017. The Financial Creditor submitted a written communication dated 15th November 2017, in terms of Rule 9(1) of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate
…The Financial Creditor disbursed a loan of Rs.…
The Corporate Debtor…