Volkswagen Finance Pvt. Ltd., a financing company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aarvanss Infrastructure Pvt. Ltd. The financing company had sanctioned and disbursed loans to the corporate debtor for purchasing luxury vehicles. The corporate debtor defaulted on the repayment schedule, leading to the recall of the loans and the subsequent application for CIRP.
Volkswagen Finance Pvt. Ltd., a financing company, provided loans to Aarvanss Infrastructure Pvt. Ltd. for the purchase of luxury vehicles. Aarvanss Infrastructure Pvt. Ltd. defaulted on the loan repayment schedule. Volkswagen Finance Pvt. Ltd. recalled the loans due to the default. The outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges. Volkswagen Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aarvanss Infrastructure Pvt. Ltd. The Corporate Debtor failed to appear in the proceedings despite being served a notice.
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The order was delivered on September 17, 2019,…
The case is listed for…
Volkswagen Finance Pvt. Ltd., a financing company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aarvanss Infrastructure Pvt. Ltd. The financing company had sanctioned and disbursed loans to the corporate debtor for purchasing luxury vehicles. The corporate debtor defaulted on the repayment schedule, leading to the recall of the loans and the subsequent application for CIRP.
Volkswagen Finance Pvt. Ltd., a financing company, provided loans to Aarvanss Infrastructure Pvt. Ltd. for the purchase of luxury vehicles. Aarvanss Infrastructure Pvt. Ltd. defaulted on the loan repayment schedule. Volkswagen Finance Pvt. Ltd. recalled the loans due to the default. The outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges. Volkswagen Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Aarvanss Infrastructure Pvt. Ltd. The Corporate Debtor failed to appear in the proceedings despite being served a notice.
The order was delivered on September 17, 2019,…
The case is listed for…