Electroparts (India) Private 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 Videocon Infinity Infrastructure Private Limited, the Corporate Debtor, for defaulting on a payment of ₹30,00,00,000/-. The debt originated from a loan initially taken by Quadrant Televentures Limited from Infotel Digicomm Private Limited, which was subsequently assigned to Domebell Electronics India Private Limited and then to Hyundai Electronics India Limited. Finally, Hyundai Electronics India Limited assigned the debt to Electroparts (India) Private Limited through a Novation Agreement dated 01.11.2019. The Corporate Debtor admitted the liability but cited
…Quadrant Televentures Limited took a loan of ₹49,94,99,886/- from Infotel Digicomm Private Limited on 2007-05-01 for business expansion. Infotel Digicomm Private Limited assigned this loan to Domebell Electronics India Private Limited on 2009-09-16. Domebell Electronics India Private Limited entered into a Novation Agreement with Hyundai Electronics India Limited in May 2018. Hyundai Electronics India Limited assigned the debt of ₹91,01,99,886/- to Electroparts (India) Private Limited, the Financial Creditor, through a Novation Agreement dated 2019-11-01. The Corporate Debtor, Videocon Infinity Infrastructure Private Limited, was supposed to pay ₹30,00,00,000/- to Electroparts (India) Private Limited within six months from 2020-06-01, but failed to do so. A demand
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Quadrant Televentures Limited took loan of…
Infotel Digicomm Private Limited assigned…
Electroparts (India) Private 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 Videocon Infinity Infrastructure Private Limited, the Corporate Debtor, for defaulting on a payment of ₹30,00,00,000/-. The debt originated from a loan initially taken by Quadrant Televentures Limited from Infotel Digicomm Private Limited, which was subsequently assigned to Domebell Electronics India Private Limited and then to Hyundai Electronics India Limited. Finally, Hyundai Electronics India Limited assigned the debt to Electroparts (India) Private Limited through a Novation Agreement dated 01.11.2019. The Corporate Debtor admitted the liability but cited
…Quadrant Televentures Limited took a loan of ₹49,94,99,886/- from Infotel Digicomm Private Limited on 2007-05-01 for business expansion. Infotel Digicomm Private Limited assigned this loan to Domebell Electronics India Private Limited on 2009-09-16. Domebell Electronics India Private Limited entered into a Novation Agreement with Hyundai Electronics India Limited in May 2018. Hyundai Electronics India Limited assigned the debt of ₹91,01,99,886/- to Electroparts (India) Private Limited, the Financial Creditor, through a Novation Agreement dated 2019-11-01. The Corporate Debtor, Videocon Infinity Infrastructure Private Limited, was supposed to pay ₹30,00,00,000/- to Electroparts (India) Private Limited within six months from 2020-06-01, but failed to do so. A demand
…Quadrant Televentures Limited took loan of…
Infotel Digicomm Private Limited assigned…