Duane Park (P) Ltd, the Financial Creditor, filed an application against Zynke Exports (P) Ltd, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a default in loan repayment. The loan agreement was dated 22.6.2017. The Financial Creditor claimed that Rs.2,10,00,000/- remained unpaid. A notice of default was issued on 28.9.2017, followed by a demand notice on 06.10.2017. The Corporate Debtor acknowledged its inability to repay the amount.
Duane Park (P) Ltd (Financial Creditor) filed an application against Zynke Exports (P) Ltd (Corporate Debtor) under Section 7 of IBC, 2016, due to non-payment of Rs.2,10,00,000/- arising from a loan agreement dated 2017-06-22. The Financial Creditor issued a default notice on 2017-09-28 and a demand notice on 2017-10-06. The Corporate Debtor admitted its inability to repay the amount and did not oppose the application. This admission of default by the Corporate Debtor was a key fact that led to the admission of the petition.
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Duane Park (P) Ltd, the Financial Creditor, filed an application against Zynke Exports (P) Ltd, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to a default in loan repayment. The loan agreement was dated 22.6.2017. The Financial Creditor claimed that Rs.2,10,00,000/- remained unpaid. A notice of default was issued on 28.9.2017, followed by a demand notice on 06.10.2017. The Corporate Debtor acknowledged its inability to repay the amount.
Duane Park (P) Ltd (Financial Creditor) filed an application against Zynke Exports (P) Ltd (Corporate Debtor) under Section 7 of IBC, 2016, due to non-payment of Rs.2,10,00,000/- arising from a loan agreement dated 2017-06-22. The Financial Creditor issued a default notice on 2017-09-28 and a demand notice on 2017-10-06. The Corporate Debtor admitted its inability to repay the amount and did not oppose the application. This admission of default by the Corporate Debtor was a key fact that led to the admission of the petition.
Date of the loan…
Financial Creditor…