The case involves an application filed by M/s. Odyssey Corporation Ltd. & Anr. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Diaonics Automation (India) Private Limited (Corporate Debtor) for the resolution of an unresolved financial debt amounting to Rs. 7,98,77,141/-. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor argued that the application was not maintainable due to the absence of a Record of Default with an Information Utility.
Odyssey Corporation Ltd. & Anr. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Diaonics Automation (India) Private Limited (Corporate Debtor) due to a default on a loan. The Financial Creditor and Corporate Debtor entered into a Loan Agreement on 23.12.2016. The Financial Creditor advanced Rs. 2,00,00,000/- to the Corporate Debtor in four tranches between 30.12.2016 and 05.01.2017, with a repayment deadline of 28.06.2017 and an interest rate of 30% per annum. The Corporate Debtor executed a Deed of Loan Confirmation on 31.01.2017, acknowledging the debt. The Corporate Debtor made some interest payments but failed to repay the entire loan. A Memorandum of Understanding (MOU) was entered into on 05.07.2017,
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Loan Agreement executed…
Corporate Debtor…
The case involves an application filed by M/s. Odyssey Corporation Ltd. & Anr. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Diaonics Automation (India) Private Limited (Corporate Debtor) for the resolution of an unresolved financial debt amounting to Rs. 7,98,77,141/-. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor argued that the application was not maintainable due to the absence of a Record of Default with an Information Utility.
Odyssey Corporation Ltd. & Anr. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Diaonics Automation (India) Private Limited (Corporate Debtor) due to a default on a loan. The Financial Creditor and Corporate Debtor entered into a Loan Agreement on 23.12.2016. The Financial Creditor advanced Rs. 2,00,00,000/- to the Corporate Debtor in four tranches between 30.12.2016 and 05.01.2017, with a repayment deadline of 28.06.2017 and an interest rate of 30% per annum. The Corporate Debtor executed a Deed of Loan Confirmation on 31.01.2017, acknowledging the debt. The Corporate Debtor made some interest payments but failed to repay the entire loan. A Memorandum of Understanding (MOU) was entered into on 05.07.2017,
…Loan Agreement executed…
Corporate Debtor…