Tata Capital Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against VS Omnitrade India Private Limited, seeking resolution of a financial debt amounting to Rs. 1,87,22,289.81/-. The petitioner, a non-banking financial company, claimed that the corporate debtor defaulted on repayment despite repeated follow-ups, leading to the issuance of a legal recovery notice. The corporate debtor failed to appear despite service of notice.
Tata Capital Financial Services Limited (the Petitioner), a non-banking financial company, extended channel finance/inventory funding/trade advance facility of Rs. 2,00,00,000/- to VS Omnitrade India Private Limited (the Corporate Debtor) as per a sanction letter dated 28.07.2018. The Corporate Debtor also executed a Letter of Undertaking cum Indemnity and Affidavit dated 27.08.2018, creating a charge on its assets. The Corporate Debtor defaulted since March 2019, leading the Petitioner to issue a Legal Recovery notice dated 13.09.2019, demanding Rs. 1,87,22,289.81/-. The Petitioner filed a record of default with the Information Utility (NESL) dated 23.06.2021. The Corporate Debtor failed to appear despite service of notice on 26.07.2022, and the matter was heard ex
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Loan Sanction…
Corporate Debtor and…
Tata Capital Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against VS Omnitrade India Private Limited, seeking resolution of a financial debt amounting to Rs. 1,87,22,289.81/-. The petitioner, a non-banking financial company, claimed that the corporate debtor defaulted on repayment despite repeated follow-ups, leading to the issuance of a legal recovery notice. The corporate debtor failed to appear despite service of notice.
Tata Capital Financial Services Limited (the Petitioner), a non-banking financial company, extended channel finance/inventory funding/trade advance facility of Rs. 2,00,00,000/- to VS Omnitrade India Private Limited (the Corporate Debtor) as per a sanction letter dated 28.07.2018. The Corporate Debtor also executed a Letter of Undertaking cum Indemnity and Affidavit dated 27.08.2018, creating a charge on its assets. The Corporate Debtor defaulted since March 2019, leading the Petitioner to issue a Legal Recovery notice dated 13.09.2019, demanding Rs. 1,87,22,289.81/-. The Petitioner filed a record of default with the Information Utility (NESL) dated 23.06.2021. The Corporate Debtor failed to appear despite service of notice on 26.07.2022, and the matter was heard ex
…Loan Sanction…
Corporate Debtor and…