Speed-O-Controls Private Limited, the Financial Creditor (FC), filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Dar Media Private Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The FC is a private limited company incorporated under the Companies Act, 1956. A scheme amalgamation of Stromag Engineers Ltd with Speed-O-Controls Private Limited was sanctioned by the Bombay High Court on 29.09.2016.
Speed-O-Controls Private Limited (FC) advanced a loan of Rs. 2,00,00,000/- to Dar Media Private Limited (CD) for 90 days at 18% p.a. interest, increasing to 24% p.a. on delayed payments. The loan was disbursed on 23.04.2015, evidenced by bank records. The CD acknowledged the loan via an affidavit on 23.04.2015. The CD failed to repay the principal and interest, resulting in an outstanding amount of Rs. 4,32,21,758/- as of 31.12.2019. The CD confirmed the debt on 01.04.2018. The FC recalled the loan on 04.03.2016 and issued a demand notice on 23.11.2019. The CD's counsel admitted to the default and did not object to the petition's admission. The FC filed the petition on 15.01.2020, within the limitation period, considering a repayment of Rs. 30,00,000/- on 24.01.2017.
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Speed-O-Controls Private Limited disbursed a…
Dar Media Private…
Speed-O-Controls Private Limited, the Financial Creditor (FC), filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Dar Media Private Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The FC is a private limited company incorporated under the Companies Act, 1956. A scheme amalgamation of Stromag Engineers Ltd with Speed-O-Controls Private Limited was sanctioned by the Bombay High Court on 29.09.2016.
Speed-O-Controls Private Limited (FC) advanced a loan of Rs. 2,00,00,000/- to Dar Media Private Limited (CD) for 90 days at 18% p.a. interest, increasing to 24% p.a. on delayed payments. The loan was disbursed on 23.04.2015, evidenced by bank records. The CD acknowledged the loan via an affidavit on 23.04.2015. The CD failed to repay the principal and interest, resulting in an outstanding amount of Rs. 4,32,21,758/- as of 31.12.2019. The CD confirmed the debt on 01.04.2018. The FC recalled the loan on 04.03.2016 and issued a demand notice on 23.11.2019. The CD's counsel admitted to the default and did not object to the petition's admission. The FC filed the petition on 15.01.2020, within the limitation period, considering a repayment of Rs. 30,00,000/- on 24.01.2017.
…Speed-O-Controls Private Limited disbursed a…
Dar Media Private…