Regency Fincorp Limited, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manhar Logistics Private Limited, the Corporate Debtor, due to a default in payment.
Regency Fincorp Limited filed a petition under Section 7 of the IBC to initiate CIRP against Manhar Logistics Private Limited.
The Corporate Debtor defaulted on a payment of INR 1,32,98,556.66, inclusive of interest at 24% p.a., as of 01.07.2022.
A tripartite agreement dated 31.03.2022 was entered into between the Financial Creditor, Corporate Debtor, and Bee Tee Credit & Marketing Private Limited, where the loan was to be repaid with 24% interest.
The Financial Creditor disbursed Rs. 1,04,00,000/- to the Corporate Debtor as per the tripartite agreement.
The Financial Creditor issued recovery letters to the Corporate Debtor requesting repayment of the outstanding amount.
The Corporate Debtor acknowledged the debt but failed to repay it.
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The present petition…
The Corporate Debtor defaulted on a payment of…
Regency Fincorp Limited, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manhar Logistics Private Limited, the Corporate Debtor, due to a default in payment.
Regency Fincorp Limited filed a petition under Section 7 of the IBC to initiate CIRP against Manhar Logistics Private Limited.
The Corporate Debtor defaulted on a payment of INR 1,32,98,556.66, inclusive of interest at 24% p.a., as of 01.07.2022.
A tripartite agreement dated 31.03.2022 was entered into between the Financial Creditor, Corporate Debtor, and Bee Tee Credit & Marketing Private Limited, where the loan was to be repaid with 24% interest.
The Financial Creditor disbursed Rs. 1,04,00,000/- to the Corporate Debtor as per the tripartite agreement.
The Financial Creditor issued recovery letters to the Corporate Debtor requesting repayment of the outstanding amount.
The Corporate Debtor acknowledged the debt but failed to repay it.
…The present petition…
The Corporate Debtor defaulted on a payment of…