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 and Corporate Debtor entered into a Facility Agreement dated 21.01.2023.
The Financial Creditor sanctioned Rs. 3,00,00,000/- into three separate accounts.
The Corporate Debtor agreed to repay the amounts in one bullet repayment on the 91st day after drawdown.
The loan accounts were classified as Non-Performing Asset (NPA) on 05.08.2023.
The Corporate Debtor defaulted on repayment of Rs. 1,42,27,991/-.
The Financial Creditor issued a notice of default on 06.09.2023.
The Corporate Debtor admitted liability and requested three months' time on 26.10.2023.
The Corporate Debtor made a part payment of Rs. 22,00,000/- on 22.11.2023.
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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 and Corporate Debtor entered into a Facility Agreement dated 21.01.2023.
The Financial Creditor sanctioned Rs. 3,00,00,000/- into three separate accounts.
The Corporate Debtor agreed to repay the amounts in one bullet repayment on the 91st day after drawdown.
The loan accounts were classified as Non-Performing Asset (NPA) on 05.08.2023.
The Corporate Debtor defaulted on repayment of Rs. 1,42,27,991/-.
The Financial Creditor issued a notice of default on 06.09.2023.
The Corporate Debtor admitted liability and requested three months' time on 26.10.2023.
The Corporate Debtor made a part payment of Rs. 22,00,000/- on 22.11.2023.
…Financial Creditor and…
Loan accounts…