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 applicant 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 present application.
Volkswagen Finance Pvt. Ltd. is a financing company that provides vehicle loans. Aarvanss Infrastructure Pvt. Ltd. requested and received loans from Volkswagen Finance Pvt. Ltd. to purchase luxury vehicles. Aarvanss Infrastructure Pvt. Ltd. defaulted on the loan repayment schedule, leading Volkswagen Finance Pvt. Ltd. to recall the loans. As a result of the default, 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 outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges. The Corporate Debtor did not appear in court after being served notice.
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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 applicant 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 present application.
Volkswagen Finance Pvt. Ltd. is a financing company that provides vehicle loans. Aarvanss Infrastructure Pvt. Ltd. requested and received loans from Volkswagen Finance Pvt. Ltd. to purchase luxury vehicles. Aarvanss Infrastructure Pvt. Ltd. defaulted on the loan repayment schedule, leading Volkswagen Finance Pvt. Ltd. to recall the loans. As a result of the default, 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 outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges. The Corporate Debtor did not appear in court after being served notice.
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