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 application for CIRP.
Volkswagen Finance Pvt. Ltd. is a financing company. Aarvanss Infrastructure Pvt. Ltd. took loans from Volkswagen Finance to purchase luxury vehicles. Aarvanss Infrastructure defaulted on loan repayments. Volkswagen Finance recalled the loans. Volkswagen Finance filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. Aarvanss Infrastructure failed to appear in court. The details of the car loan account number 20151067281, a sum of Rs. 22 Lakhs was disbursed and that the outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges.
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The Insolven…
The order was d…
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 application for CIRP.
Volkswagen Finance Pvt. Ltd. is a financing company. Aarvanss Infrastructure Pvt. Ltd. took loans from Volkswagen Finance to purchase luxury vehicles. Aarvanss Infrastructure defaulted on loan repayments. Volkswagen Finance recalled the loans. Volkswagen Finance filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. Aarvanss Infrastructure failed to appear in court. The details of the car loan account number 20151067281, a sum of Rs. 22 Lakhs was disbursed and that the outstanding amount claimed to be in default is Rs. 33,09,824.28/- inclusive of interest and other charges.
The Insolven…
The order was d…