The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the Corporate Debtor defaulted on a loan repayment. The Corporate Debtor failed to file a reply affidavit despite multiple opportunities, leading to the application being heard in their absence of written objections.
M/s. Outlook Tracom Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Toshniwal Enterprises Controls Limited, the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in the repayment of a loan amounting to Rs. 50,00,000/-, along with interest at 12% per annum, despite repeated demands. The Financial Creditor claimed that the Corporate Debtor failed to repay the loan amount and interest. The Financial Creditor had granted two loans to the Corporate Debtor. The first loan of Rs. 50,00,000/- was advanced on May 11, 2015, and was repaid on February 17, 2018. The second loan, also for Rs. 50,00,000/-, was granted
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M/s. Outlook Tracom Private Limited granted a…
M/s. Outlook Tracom Private Limited granted a…
The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging that the Corporate Debtor defaulted on a loan repayment. The Corporate Debtor failed to file a reply affidavit despite multiple opportunities, leading to the application being heard in their absence of written objections.
M/s. Outlook Tracom Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Toshniwal Enterprises Controls Limited, the Corporate Debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default in the repayment of a loan amounting to Rs. 50,00,000/-, along with interest at 12% per annum, despite repeated demands. The Financial Creditor claimed that the Corporate Debtor failed to repay the loan amount and interest. The Financial Creditor had granted two loans to the Corporate Debtor. The first loan of Rs. 50,00,000/- was advanced on May 11, 2015, and was repaid on February 17, 2018. The second loan, also for Rs. 50,00,000/-, was granted
…M/s. Outlook Tracom Private Limited granted a…
M/s. Outlook Tracom Private Limited granted a…