Eduvanz Financing Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Abutani Mercantile Private Limited due to an unresolved financial debt of Rs. 1,41,81,641/-.
The Corporate Debtor is a Private Limited Company incorporated on 21.12.2000.
The Financial Creditor sanctioned Rs. 3,00,00,000/- to the Corporate Debtor through a Facility Agreement dated 21.01.2023.
The Corporate Debtor agreed to repay the disbursed amounts in one bullet repayment on the 91st day after the date of drawdown.
The loan accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 05.08.2023.
The Corporate Debtor defaulted on the repayment of dues amounting to Rs. 1,42,27,991/-.
The Financial Creditor issued a notice on 06.09.2023 informing the Corporate Debtor of the default.
The Corporate Debtor, through its letter dated 26.10.2023, admitted its liability to repay the entire amount due and requested three months' time.
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Eduvanz Financing Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Abutani Mercantile Private Limited due to an unresolved financial debt of Rs. 1,41,81,641/-.
The Corporate Debtor is a Private Limited Company incorporated on 21.12.2000.
The Financial Creditor sanctioned Rs. 3,00,00,000/- to the Corporate Debtor through a Facility Agreement dated 21.01.2023.
The Corporate Debtor agreed to repay the disbursed amounts in one bullet repayment on the 91st day after the date of drawdown.
The loan accounts of the Corporate Debtor were classified as Non-Performing Asset (NPA) on 05.08.2023.
The Corporate Debtor defaulted on the repayment of dues amounting to Rs. 1,42,27,991/-.
The Financial Creditor issued a notice on 06.09.2023 informing the Corporate Debtor of the default.
The Corporate Debtor, through its letter dated 26.10.2023, admitted its liability to repay the entire amount due and requested three months' time.
…The Corporate Debtor…
The Financial Creditor…