Speed-O-Controls Private Limited, the Financial Creditor (FC), filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Dar Media Private Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The FC claimed to have advanced a loan of Rs. 2,00,00,000/- to the CD, which the CD failed to repay along with accrued interest. The FC initiated the petition after the CD defaulted on the repayment.
Speed-O-Controls Private Limited (FC) advanced a loan of Rs. 2,00,00,000/- to Dar Media Private Limited (CD) for 90 days with 18% p.a. interest, increasing to 24% p.a. on delayed payments. The loan was disbursed on 2015-04-23. The CD acknowledged the debt via an affidavit dated 2015-04-23. The CD failed to repay the principal and accrued interest, with an outstanding amount of Rs. 4,32,21,758/- as of 2019-12-31, including Rs. 1,38,70,000/- towards principal. The CD confirmed the debt on 2018-04-01. The FC recalled the loan on 2016-04-03. The FC issued a demand notice on 2019-11-23. The CD's counsel did not object to the petition's admission and admitted the default. The last payment of Rs.30,00,000/- was done by CD on 2017-01-24. The FC filed the petition on 2020-01-15.
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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, to initiate Corporate Insolvency Resolution Process (CIRP) against Dar Media Private Limited, the Corporate Debtor (CD), for non-payment of outstanding dues. The FC claimed to have advanced a loan of Rs. 2,00,00,000/- to the CD, which the CD failed to repay along with accrued interest. The FC initiated the petition after the CD defaulted on the repayment.
Speed-O-Controls Private Limited (FC) advanced a loan of Rs. 2,00,00,000/- to Dar Media Private Limited (CD) for 90 days with 18% p.a. interest, increasing to 24% p.a. on delayed payments. The loan was disbursed on 2015-04-23. The CD acknowledged the debt via an affidavit dated 2015-04-23. The CD failed to repay the principal and accrued interest, with an outstanding amount of Rs. 4,32,21,758/- as of 2019-12-31, including Rs. 1,38,70,000/- towards principal. The CD confirmed the debt on 2018-04-01. The FC recalled the loan on 2016-04-03. The FC issued a demand notice on 2019-11-23. The CD's counsel did not object to the petition's admission and admitted the default. The last payment of Rs.30,00,000/- was done by CD on 2017-01-24. The FC filed the petition on 2020-01-15.
Speed-O-Controls Private Limited disbursed a…
Dar Media Private…