The case involves a petition filed by the liquidator of PAN India Network Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Fortuity Gaming Solutions Private Limited (Corporate Debtor) for defaulting on a loan repayment.
Fortuity Gaming Solutions Private Limited (Corporate Debtor) approached PAN India Network Limited (Financial Creditor) in 2016 for a loan of Rs. 3,60,00,000 for business purposes.
An agreement was executed on 01/04/2016, with the loan repayable on or before 31/03/2021, with an interest rate of 9%.
The Corporate Debtor defaulted on the repayment, with the date of default mentioned as 31/03/2023, and an outstanding amount of Rs. 5,86,80,000/-.
The Financial Creditor ordered for CIRP vide Hon'ble NCLT, Mumbai Bench's Order dated 14.10.2019. Followed by ordered for liquidation, vide Hon'ble NCLT, Mumbai Bench's order dated 21.12.2021.
The Liquidator of the Financial Creditor filed an application under Section 7 of the IBC after obtaining permission from the NCLT, Mumbai.
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Loan agreement executed between PAN India…
Date of de…
The case involves a petition filed by the liquidator of PAN India Network Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Fortuity Gaming Solutions Private Limited (Corporate Debtor) for defaulting on a loan repayment.
Fortuity Gaming Solutions Private Limited (Corporate Debtor) approached PAN India Network Limited (Financial Creditor) in 2016 for a loan of Rs. 3,60,00,000 for business purposes.
An agreement was executed on 01/04/2016, with the loan repayable on or before 31/03/2021, with an interest rate of 9%.
The Corporate Debtor defaulted on the repayment, with the date of default mentioned as 31/03/2023, and an outstanding amount of Rs. 5,86,80,000/-.
The Financial Creditor ordered for CIRP vide Hon'ble NCLT, Mumbai Bench's Order dated 14.10.2019. Followed by ordered for liquidation, vide Hon'ble NCLT, Mumbai Bench's order dated 21.12.2021.
The Liquidator of the Financial Creditor filed an application under Section 7 of the IBC after obtaining permission from the NCLT, Mumbai.
…Loan agreement executed between PAN India…
Date of de…