Naman Infradevelopers Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Varun Media Private Limited, the Corporate Debtor, due to a default in loan repayment. The Financial Creditor and the Corporate Debtor entered into a loan agreement on 11 October 2021, where the Corporate Debtor availed a loan facility of INR 1,08,00,000 for three months, from 14 February 2022 to 13 May 2022, at 18% p.a. After the expiration of three months, the Corporate Debtor defaulted on the repayment.
Naman Infradevelopers Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varun Media Private Limited (Corporate Debtor). The Corporate Debtor availed a loan facility of INR 1,08,00,000 from the Financial Creditor for three months, from 14 February 2022 to 13 May 2022, at 18% p.a., based on a loan agreement dated 11 October 2021. The Corporate Debtor defaulted on repayment after the expiration of the three-month period. The Financial Creditor sent reminders on 16th May 2022, 25th June 2022, and 21st July 2022, but received no response. The Financial Creditor issued a legal notice on 28th July 2022. The total debt, including interest,
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Naman Infradevelopers Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Varun Media Private Limited, the Corporate Debtor, due to a default in loan repayment. The Financial Creditor and the Corporate Debtor entered into a loan agreement on 11 October 2021, where the Corporate Debtor availed a loan facility of INR 1,08,00,000 for three months, from 14 February 2022 to 13 May 2022, at 18% p.a. After the expiration of three months, the Corporate Debtor defaulted on the repayment.
Naman Infradevelopers Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Varun Media Private Limited (Corporate Debtor). The Corporate Debtor availed a loan facility of INR 1,08,00,000 from the Financial Creditor for three months, from 14 February 2022 to 13 May 2022, at 18% p.a., based on a loan agreement dated 11 October 2021. The Corporate Debtor defaulted on repayment after the expiration of the three-month period. The Financial Creditor sent reminders on 16th May 2022, 25th June 2022, and 21st July 2022, but received no response. The Financial Creditor issued a legal notice on 28th July 2022. The total debt, including interest,
…Financial Creditor…
Loan period sta…