The case involves a petition filed by Central Bank of India Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrant Content Private Limited, the Corporate Debtor, due to a default in repayment of a debt amounting to Rs. 19,60,48,155/-.
Central Bank of India Limited filed a petition on 06.08.2024 to initiate CIRP against Vibrant Content Private Limited.
The Corporate Debtor defaulted on a principal debt of Rs. 19,60,48,155/-.
The date of default is stated as 29.08.2018.
The Financial Creditor sanctioned three term loan facilities to the Corporate Debtor, aggregating to Rs. 47.00 Crores.
The Corporate Debtor's account was declared as NPA on 29.08.2018.
The Financial Creditor issued a Demand Notice dated 14.07.2020 to the Corporate Debtor.
The Corporate Debtor acknowledged the debt in its audited Balance Sheet for the Financial Years 2018-2019, 2019-2020 and financial statement for the year ended 31.03.2023.
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The account of the…
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The case involves a petition filed by Central Bank of India Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vibrant Content Private Limited, the Corporate Debtor, due to a default in repayment of a debt amounting to Rs. 19,60,48,155/-.
Central Bank of India Limited filed a petition on 06.08.2024 to initiate CIRP against Vibrant Content Private Limited.
The Corporate Debtor defaulted on a principal debt of Rs. 19,60,48,155/-.
The date of default is stated as 29.08.2018.
The Financial Creditor sanctioned three term loan facilities to the Corporate Debtor, aggregating to Rs. 47.00 Crores.
The Corporate Debtor's account was declared as NPA on 29.08.2018.
The Financial Creditor issued a Demand Notice dated 14.07.2020 to the Corporate Debtor.
The Corporate Debtor acknowledged the debt in its audited Balance Sheet for the Financial Years 2018-2019, 2019-2020 and financial statement for the year ended 31.03.2023.
…The account of the…
The Financial Creditor…