The petition was filed by Amit Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Paytail Commerce Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1,04,50,000/- including interest at 12% per annum. The Corporate Debtor is a private limited company incorporated on 07.09.2020. The Financial Creditor extended loans of Rs. 50 Lakhs to the Corporate Debtor as per loan agreements dated 30.06.2023 and 31.07.2023, totaling Rs. 1 Crore. The Financial Creditor exercised his right to call for interest payment, but the Corporate Debtor failed to make the payment even after an extension. The Financial Creditor issued a final
…Amit Jain, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Paytail Commerce Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 07.09.2020. The Financial Creditor extended loans totaling Rs. 1 Crore to the Corporate Debtor as per loan agreements dated 30.06.2023 and 31.07.2023. The Financial Creditor claimed a default of Rs. 1,04,50,000/-, including interest at 12% per annum. The Financial Creditor exercised his right to call for interest payment, but the Corporate Debtor failed to make the payment even after an extension was granted until 15.11.2023. The Financial Creditor issued a final notice on 25.11.2023, but the
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Paytail Commerce…
Financial Creditor acquired a 7.5% stake in the…
The petition was filed by Amit Jain, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Paytail Commerce Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 1,04,50,000/- including interest at 12% per annum. The Corporate Debtor is a private limited company incorporated on 07.09.2020. The Financial Creditor extended loans of Rs. 50 Lakhs to the Corporate Debtor as per loan agreements dated 30.06.2023 and 31.07.2023, totaling Rs. 1 Crore. The Financial Creditor exercised his right to call for interest payment, but the Corporate Debtor failed to make the payment even after an extension. The Financial Creditor issued a final
…Amit Jain, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Paytail Commerce Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 07.09.2020. The Financial Creditor extended loans totaling Rs. 1 Crore to the Corporate Debtor as per loan agreements dated 30.06.2023 and 31.07.2023. The Financial Creditor claimed a default of Rs. 1,04,50,000/-, including interest at 12% per annum. The Financial Creditor exercised his right to call for interest payment, but the Corporate Debtor failed to make the payment even after an extension was granted until 15.11.2023. The Financial Creditor issued a final notice on 25.11.2023, but the
…Paytail Commerce…
Financial Creditor acquired a 7.5% stake in the…