Quantum Holding Pvt Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Talsons Motors Pvt Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 7,36,61,212/-.
Quantum Holding Pvt Ltd (Financial Creditor) advanced a business loan of Rs. 5,75,00,000/- to Talsons Motors Pvt Ltd (Corporate Debtor) at an interest rate of 24% per annum, with repayment due on 2021-07-02. The Corporate Debtor agreed to secure the loan repayment with post-dated cheques, a personal guarantee from Mr. Saral Talwar, and a corporate guarantee from Talwar Auto Garages Private Limited. The Corporate Debtor repaid Rs. 65,00,000/- towards the principal, leaving Rs. 5,10,00,000/- plus interest unpaid. The Financial Creditor claimed a total outstanding amount of Rs. 7,36,61,212/-, which includes principal and interest. The Corporate Debtor defaulted due to the Covid-19 pandemic. The relevance of these facts is to determine whether a financial debt exists and
…Sign in to view the parties.
Repayment of the…
Shri Srinivasa Rao Somisetty gave his consent…
Quantum Holding Pvt Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Talsons Motors Pvt Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 7,36,61,212/-.
Quantum Holding Pvt Ltd (Financial Creditor) advanced a business loan of Rs. 5,75,00,000/- to Talsons Motors Pvt Ltd (Corporate Debtor) at an interest rate of 24% per annum, with repayment due on 2021-07-02. The Corporate Debtor agreed to secure the loan repayment with post-dated cheques, a personal guarantee from Mr. Saral Talwar, and a corporate guarantee from Talwar Auto Garages Private Limited. The Corporate Debtor repaid Rs. 65,00,000/- towards the principal, leaving Rs. 5,10,00,000/- plus interest unpaid. The Financial Creditor claimed a total outstanding amount of Rs. 7,36,61,212/-, which includes principal and interest. The Corporate Debtor defaulted due to the Covid-19 pandemic. The relevance of these facts is to determine whether a financial debt exists and
…Repayment of the…
Shri Srinivasa Rao Somisetty gave his consent…