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 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 payment even after an extension. The Financial Creditor issued a final notice, but the Corporate
…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 claim was for 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. Loan agreements dated 30.06.2023 and 31.07.2023 show that the Financial Creditor extended loans of Rs. 50 Lakhs, totaling Rs. 1 Crore, to the Corporate Debtor. The Financial Creditor sent a notice on 16.10.2023 calling for interest payment, but the Corporate Debtor sought an extension until 15.11.2023, which was granted. However, the Corporate Debtor failed to make 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 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 payment even after an extension. The Financial Creditor issued a final notice, but the Corporate
…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 claim was for 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. Loan agreements dated 30.06.2023 and 31.07.2023 show that the Financial Creditor extended loans of Rs. 50 Lakhs, totaling Rs. 1 Crore, to the Corporate Debtor. The Financial Creditor sent a notice on 16.10.2023 calling for interest payment, but the Corporate Debtor sought an extension until 15.11.2023, which was granted. However, the Corporate Debtor failed to make the
…Paytail Commerce…
Financial Creditor acquired a 7.5% stake in the…