Unity Small Finance Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bright Westech Solution Pvt. Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The application alleged a default amounting to Rs. 1,82,20,431.23/-, arising from a Vendor Finance Facility Agreement and an unsecured business loan. The Corporate Debtor contended that the default was due to non-payment by SYSKA LED Lights Private Limited (Anchor) and that SYSKA was already undergoing CIRP. They also raised the existence of an arbitration clause in the Vendor Finance Agreement.
An application was filed on 05.07.2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Unity Small Finance Bank Ltd. (Applicant/Financial Creditor).
The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Bright Westech Solution Private Limited (Respondent/Corporate Debtor).
Unity Small Finance Bank Ltd. was incorporated on 25.08.2021.
Bright Westech Solution Private Limited was incorporated on 13.12.2017.
Mr Sapan Mohan Garg, with IBBI Registration No. IBBI/IP A-002/IP-N00315/2017-2018/1093, was proposed as the Interim Resolution Professional.
The total amount in default was Rs. 1,82,20,431.23/-, including principal, interest, and penal charges.
The Date of Default was mentioned as 21.01.2024.
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Bright Westech Solution…
Unity Small Finance…
Unity Small Finance Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bright Westech Solution Pvt. Ltd. (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The application alleged a default amounting to Rs. 1,82,20,431.23/-, arising from a Vendor Finance Facility Agreement and an unsecured business loan. The Corporate Debtor contended that the default was due to non-payment by SYSKA LED Lights Private Limited (Anchor) and that SYSKA was already undergoing CIRP. They also raised the existence of an arbitration clause in the Vendor Finance Agreement.
An application was filed on 05.07.2024 under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Unity Small Finance Bank Ltd. (Applicant/Financial Creditor).
The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Bright Westech Solution Private Limited (Respondent/Corporate Debtor).
Unity Small Finance Bank Ltd. was incorporated on 25.08.2021.
Bright Westech Solution Private Limited was incorporated on 13.12.2017.
Mr Sapan Mohan Garg, with IBBI Registration No. IBBI/IP A-002/IP-N00315/2017-2018/1093, was proposed as the Interim Resolution Professional.
The total amount in default was Rs. 1,82,20,431.23/-, including principal, interest, and penal charges.
The Date of Default was mentioned as 21.01.2024.
…Bright Westech Solution…
Unity Small Finance…