MUMBAI: Financial credit, Pine Forest Products has initiated corporate insolvency resolution process for Zenith Computers, makers of computer and laptops, early this week.
Pine Forest Products & Investments issued notice under bankruptcy after the company failed to repay loans despite giving two notices. Zenith Computers owes Rs 1.25 crore to Pine Forest Products while has total outstanding loans of Rs 92 crore as on March 2017.
Over 80 cases of bad loans have been filed in NCLT for speedy recovery of dues.
Pine Forest, the financial credit had extended Rs 1.25 crore loan at 24% interest rate for one month to Zenith Computers in mid of October 2016. The company failed to repay the loan on due date and asked to longer time to repay d…
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