Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited. The application stems from a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to Panda Technologies. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to Panda Technologies on 17.07.2013, with a facility agreement executed on the same date. Panda Technologies was to repay the loan within 90 days with interest at 13.75% p.a. L&T issued a demand notice on 19.04.2017 for an amount of Rs.67,19,390/- due as on 23.03.2017. L&T Finance Limited assigned its debt to
…Omkara Assets Reconstruction Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited (Respondent). The basis for the application is a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to the Respondent. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to the Respondent on 17.07.2013, with a facility agreement executed on the same date. The Respondent was to repay the loan within 90 days with interest at 13.75% p.a. The Respondent executed a Demand Promissory Note dated 17.07.2013, promising to pay Rs. 1,50,00,000 with interest. The
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L&T FinCorp Limited sanctioned a financing…
L&T issued a demand notice to Panda…
Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited. The application stems from a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to Panda Technologies. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to Panda Technologies on 17.07.2013, with a facility agreement executed on the same date. Panda Technologies was to repay the loan within 90 days with interest at 13.75% p.a. L&T issued a demand notice on 19.04.2017 for an amount of Rs.67,19,390/- due as on 23.03.2017. L&T Finance Limited assigned its debt to
…Omkara Assets Reconstruction Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited (Respondent). The basis for the application is a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to the Respondent. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to the Respondent on 17.07.2013, with a facility agreement executed on the same date. The Respondent was to repay the loan within 90 days with interest at 13.75% p.a. The Respondent executed a Demand Promissory Note dated 17.07.2013, promising to pay Rs. 1,50,00,000 with interest. The
…L&T FinCorp Limited sanctioned a financing…
L&T issued a demand notice to Panda…