Shah Mehta Holding Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Vast Media Network Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a principal amount of ₹50,00,000 and penal interest of ₹24,34,907. The petition was filed on 08.12.2017.
Shah Mehta Holding Private Limited (Financial Creditor) granted a temporary loan of ₹50,00,000 to Vast Media Network Private Limited (Corporate Debtor) on 28.10.2015, for a period of 15 days with an interest rate of 12% p.a. The disbursement date was 28.10.2015, and the due date was 12.11.2015. As security, the Corporate Debtor was to provide a post-dated cheque and personal guarantees from its directors, Mr. Abhijeet Ashok Rane and Mrs. Anagha Ashok Rane. The Financial Creditor provided a certificate from HDFC Bank dated 24.11.2017, confirming the debit of ₹50,00,000 from their account on 29.10.2015 to the Corporate Debtor. A promissory note dated 28.10.2015, and two deeds of guarantee dated 31.10.2015, were also provided. A cheque of ₹50,00,000 drawn by the Corporate
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Petitioner entered into a loan agreement with…
The disburseme…
Shah Mehta Holding Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Vast Media Network Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a principal amount of ₹50,00,000 and penal interest of ₹24,34,907. The petition was filed on 08.12.2017.
Shah Mehta Holding Private Limited (Financial Creditor) granted a temporary loan of ₹50,00,000 to Vast Media Network Private Limited (Corporate Debtor) on 28.10.2015, for a period of 15 days with an interest rate of 12% p.a. The disbursement date was 28.10.2015, and the due date was 12.11.2015. As security, the Corporate Debtor was to provide a post-dated cheque and personal guarantees from its directors, Mr. Abhijeet Ashok Rane and Mrs. Anagha Ashok Rane. The Financial Creditor provided a certificate from HDFC Bank dated 24.11.2017, confirming the debit of ₹50,00,000 from their account on 29.10.2015 to the Corporate Debtor. A promissory note dated 28.10.2015, and two deeds of guarantee dated 31.10.2015, were also provided. A cheque of ₹50,00,000 drawn by the Corporate
…Petitioner entered into a loan agreement with…
The disburseme…