Hari Charan Gupta, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mayapur Sales Private Limited, the Corporate Debtor, based on a loan of Rs. 1,00,00,000/- disbursed on April 26, 2011.
The Financial Creditor, Hari Charan Gupta, claimed to have disbursed a loan of Rs. 1,00,00,000/- to the Corporate Debtor, Mayapur Sales Private Limited, on April 26, 2011.
The Corporate Debtor allegedly agreed to pay quarterly interest at 18% p.a. on the loan.
The Corporate Debtor made a payment of Rs. 90,000/- as TDS in acknowledgement of its liability to repay the principal sum together with interest.
The Corporate Debtor deposited interest at 9% as TDS for the financial years 2012-2013 and 2013-2014.
The Financial Creditor claimed the Corporate Debtor defaulted in making payments of interest and principal since 2011.
The Financial Creditor sent letters of demand to the Corporate Debtor on September 16, 2013, and September 4, 2019.
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Financial Creditor…
Financial Creditor…
Hari Charan Gupta, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mayapur Sales Private Limited, the Corporate Debtor, based on a loan of Rs. 1,00,00,000/- disbursed on April 26, 2011.
The Financial Creditor, Hari Charan Gupta, claimed to have disbursed a loan of Rs. 1,00,00,000/- to the Corporate Debtor, Mayapur Sales Private Limited, on April 26, 2011.
The Corporate Debtor allegedly agreed to pay quarterly interest at 18% p.a. on the loan.
The Corporate Debtor made a payment of Rs. 90,000/- as TDS in acknowledgement of its liability to repay the principal sum together with interest.
The Corporate Debtor deposited interest at 9% as TDS for the financial years 2012-2013 and 2013-2014.
The Financial Creditor claimed the Corporate Debtor defaulted in making payments of interest and principal since 2011.
The Financial Creditor sent letters of demand to the Corporate Debtor on September 16, 2013, and September 4, 2019.
…Financial Creditor…
Financial Creditor…