The case involves an application filed by multiple financial creditors (Clematis Trading Company Private Limited, Alpha (India) Properties Ltd., Glean Trading Private Limited, and Kanha Textile Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Actif Corporation Limited. The financial creditors claimed that Actif Corporation Limited had defaulted on unsecured loans.
Clematis Trading Co Pvt Ltd & Ors, Alpha (India) Properties Limited, Glean Trading Private Limited, and Kanha Textile Private Limited (the 'Financial Creditors') filed a joint petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Actif Corporation Ltd (the 'Corporate Debtor'). The Financial Creditors claimed that the Corporate Debtor had defaulted on unsecured loans. The total amount claimed by the Financial Creditors was Rs. 20,04,37,016/-, inclusive of interest. The Corporate Debtor acknowledged its liability by filing an additional affidavit. The loans were sanctioned on different dates, ranging from 2011 to 2014, with varying interest rates. The dates of default also varied. The Financial Creditors submitted documents, including board
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The case involves an application filed by multiple financial creditors (Clematis Trading Company Private Limited, Alpha (India) Properties Ltd., Glean Trading Private Limited, and Kanha Textile Private Limited) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Actif Corporation Limited. The financial creditors claimed that Actif Corporation Limited had defaulted on unsecured loans.
Clematis Trading Co Pvt Ltd & Ors, Alpha (India) Properties Limited, Glean Trading Private Limited, and Kanha Textile Private Limited (the 'Financial Creditors') filed a joint petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Actif Corporation Ltd (the 'Corporate Debtor'). The Financial Creditors claimed that the Corporate Debtor had defaulted on unsecured loans. The total amount claimed by the Financial Creditors was Rs. 20,04,37,016/-, inclusive of interest. The Corporate Debtor acknowledged its liability by filing an additional affidavit. The loans were sanctioned on different dates, ranging from 2011 to 2014, with varying interest rates. The dates of default also varied. The Financial Creditors submitted documents, including board
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Applicant No. 2, a…