The case involves an application filed by Integrated Data Management Services Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ucal Products Pvt Ltd, the Corporate Debtor. The Financial Creditor claimed a default on a financial debt. The Corporate Debtor was incorporated on 05.01.1979. The Financial Creditor stated that they are in the business of integrated data management services.
Integrated Data Management Services Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ucal Products Pvt Ltd (Corporate Debtor). The Corporate Debtor has an authorized share capital of Rs. 4,00,00,000/- and a paid-up share capital of Rs. 2,68,96,000/-. The Financial Creditor provided details of the loan, stating that they transferred funds through RTGS to the Corporate Debtor's bank account on 20.07.2018 (Rs. 1,00,00,000/-), 26.07.2018 (Rs. 1,50,00,000/-), and 29.09.2018 (Rs. 2,50,00,000/-), totaling Rs. 5,00,00,000/-. The total outstanding amount, including interest at 15% p.a. as of 31.12.2019, was Rs. 6,00,86,301/-. A Demand Promissory Note
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Ucal Products…
A Demand Promissory Note dated 06.07.2018 for…
The case involves an application filed by Integrated Data Management Services Pvt Ltd, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ucal Products Pvt Ltd, the Corporate Debtor. The Financial Creditor claimed a default on a financial debt. The Corporate Debtor was incorporated on 05.01.1979. The Financial Creditor stated that they are in the business of integrated data management services.
Integrated Data Management Services Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ucal Products Pvt Ltd (Corporate Debtor). The Corporate Debtor has an authorized share capital of Rs. 4,00,00,000/- and a paid-up share capital of Rs. 2,68,96,000/-. The Financial Creditor provided details of the loan, stating that they transferred funds through RTGS to the Corporate Debtor's bank account on 20.07.2018 (Rs. 1,00,00,000/-), 26.07.2018 (Rs. 1,50,00,000/-), and 29.09.2018 (Rs. 2,50,00,000/-), totaling Rs. 5,00,00,000/-. The total outstanding amount, including interest at 15% p.a. as of 31.12.2019, was Rs. 6,00,86,301/-. A Demand Promissory Note
…Ucal Products…
A Demand Promissory Note dated 06.07.2018 for…