Avanti Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Our Food Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 8,42,87,387/- arising from a loan facility. The Corporate Debtor contested the petition, primarily arguing that it was barred by limitation and that the alleged acknowledgments of debt pertained to other transactions or were made in a personal capacity, not on behalf of the Corporate Debtor. The Corporate Debtor also claimed to be a going concern and disputed the existence of a creditor-debtor relationship, asserting a partnership.
Avanti Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Our Food Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 8,42,87,387/-.
Our Food Private Limited was incorporated on 09.06.2014 with its registered office in Visakhapatnam, Andhra Pradesh.
Avanti Finance Private Limited is a non-banking financial company (NBFC) incorporated under the Companies Act, 2013.
Our Food Private Limited is engaged in the business of setting up micro processing units.
The Financial Creditor advanced a loan facility of Rs. 7,00,00,000/- to the Corporate Debtor via a Loan Agreement dated 31.05.2021.
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Partner Engagement Agreement executed between…
Financial Creditor (Avanti Finance Private…
Avanti Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Our Food Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 8,42,87,387/- arising from a loan facility. The Corporate Debtor contested the petition, primarily arguing that it was barred by limitation and that the alleged acknowledgments of debt pertained to other transactions or were made in a personal capacity, not on behalf of the Corporate Debtor. The Corporate Debtor also claimed to be a going concern and disputed the existence of a creditor-debtor relationship, asserting a partnership.
Avanti Finance Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Our Food Private Limited (Corporate Debtor).
The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 8,42,87,387/-.
Our Food Private Limited was incorporated on 09.06.2014 with its registered office in Visakhapatnam, Andhra Pradesh.
Avanti Finance Private Limited is a non-banking financial company (NBFC) incorporated under the Companies Act, 2013.
Our Food Private Limited is engaged in the business of setting up micro processing units.
The Financial Creditor advanced a loan facility of Rs. 7,00,00,000/- to the Corporate Debtor via a Loan Agreement dated 31.05.2021.
…Partner Engagement Agreement executed between…
Financial Creditor (Avanti Finance Private…