Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gympac Fitness Systems Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt arising from loan facilities granted by Axis Bank to Gympac Fitness Systems.
Axis Bank Limited granted loan facilities to Gympac Fitness Systems Private Limited to enable the latter to execute a contracted supply of Gym Equipments to Talwalkars Better Value Fitness Limited.
The Financial Creditor sanctioned a facility of Rs 10,00,00,000/- to the Corporate Debtor on 06.10.2017.
The Corporate Debtor executed a Master Letter dated 09.10.2017, agreeing to raise a pro forma invoice upon TBVFL.
The date of default as mentioned in the application is 17.06.2019.
TBVFL failed to adhere to the repayment schedule, leading to a default.
A demand notice dated 13.08.2019 was issued recalling the entire facility.
The Corporate Debtor filed a civil suit before the Madras High Court seeking a mandatory injunction against the Financial Creditor.
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Financial Creditor…
Corporate Debtor executed a Master Letter…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Gympac Fitness Systems Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a financial debt arising from loan facilities granted by Axis Bank to Gympac Fitness Systems.
Axis Bank Limited granted loan facilities to Gympac Fitness Systems Private Limited to enable the latter to execute a contracted supply of Gym Equipments to Talwalkars Better Value Fitness Limited.
The Financial Creditor sanctioned a facility of Rs 10,00,00,000/- to the Corporate Debtor on 06.10.2017.
The Corporate Debtor executed a Master Letter dated 09.10.2017, agreeing to raise a pro forma invoice upon TBVFL.
The date of default as mentioned in the application is 17.06.2019.
TBVFL failed to adhere to the repayment schedule, leading to a default.
A demand notice dated 13.08.2019 was issued recalling the entire facility.
The Corporate Debtor filed a civil suit before the Madras High Court seeking a mandatory injunction against the Financial Creditor.
…Financial Creditor…
Corporate Debtor executed a Master Letter…