The Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Accent Packaging Pvt. Ltd. SIDBI claimed that Accent Packaging defaulted on a financial debt of Rs.6.93 Crores, with the date of default being 07.10.2018. SIDBI provided a term-loan agreement and a statement of loan account as evidence of the debt and default. A notice dated 10.10.2018, recalling loan facilities, was also presented. Accent Packaging appeared and contested the claim on a technical ground but did not dispute the existence of the debt or the default. One of the authorized signatories of the Corporate Debtor, Mr. Kunal Dilip Patel, produced an

The Small Industries Development Bank of India (SIDBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Accent Packaging Pvt. Ltd. SIDBI claimed that Accent Packaging defaulted on a financial debt of Rs.6.93 Crores, with the date of default being 07.10.2018. SIDBI provided a term-loan agreement and a statement of loan account as evidence of the debt and default. A notice dated 10.10.2018, recalling loan facilities, was also presented. Accent Packaging appeared and contested the claim on a technical ground but did not dispute the existence of the debt or the default. One of the authorized signatories of the Corporate Debtor, Mr. Kunal Dilip Patel, produced an