Daimler Financial Services Pvt. Ltd. filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Value Makers International Ltd., seeking initiation of the Corporate Insolvency Resolution Process. The petitioner, a Non-Banking Financial Company, provided financial assistance to the respondent/corporate debtor for purchasing a Mercedes Benz car. A loan of Rs. 28 Lakhs was granted, and a loan agreement dated 30.06.2014 was executed, with the corporate debtor agreeing to pay the loan along with interest at 11.55% per annum, amounting to Rs. 36,99,720/-. The corporate debtor failed to adhere to the repayment schedule, leading the financial creditor to invoke the Early Termination Quotation and demand Rs. 29,45,427.58/-.
Daimler Financial Services Pvt. Ltd. (the petitioner), a Non-Banking Financial Company, filed a petition against Value Makers International Ltd. (the respondent/corporate debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The petitioner provided financial assistance to the respondent for the purchase of a Mercedes Benz car. A loan of Rs. 28 Lakhs was granted, and a loan agreement dated 30.06.2014 was executed, with the corporate debtor agreeing to repay the loan with interest at 11.55% per annum, totaling Rs. 36,99,720/-. The repayment was to be made in 60 equated monthly installments of Rs. 61,662/- from 16.08.2014 to 16.07.2019. The corporate debtor failed to adhere to the
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Loan agreement executed between Daimler…
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Daimler Financial Services Pvt. Ltd. filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Value Makers International Ltd., seeking initiation of the Corporate Insolvency Resolution Process. The petitioner, a Non-Banking Financial Company, provided financial assistance to the respondent/corporate debtor for purchasing a Mercedes Benz car. A loan of Rs. 28 Lakhs was granted, and a loan agreement dated 30.06.2014 was executed, with the corporate debtor agreeing to pay the loan along with interest at 11.55% per annum, amounting to Rs. 36,99,720/-. The corporate debtor failed to adhere to the repayment schedule, leading the financial creditor to invoke the Early Termination Quotation and demand Rs. 29,45,427.58/-.
Daimler Financial Services Pvt. Ltd. (the petitioner), a Non-Banking Financial Company, filed a petition against Value Makers International Ltd. (the respondent/corporate debtor) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The petitioner provided financial assistance to the respondent for the purchase of a Mercedes Benz car. A loan of Rs. 28 Lakhs was granted, and a loan agreement dated 30.06.2014 was executed, with the corporate debtor agreeing to repay the loan with interest at 11.55% per annum, totaling Rs. 36,99,720/-. The repayment was to be made in 60 equated monthly installments of Rs. 61,662/- from 16.08.2014 to 16.07.2019. The corporate debtor failed to adhere to the
…Loan agreement executed between Daimler…
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