Avendus Finance Private Limited, the financial creditor, filed a Company Petition on October 5, 2023, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Acute Retail Infra Private Limited, the corporate debtor. The petition was filed for a financial debt of Rs. 65,13,89,934/-, with the date of default stated as April 29, 2022. The financial creditor, along with SP Finance and VLFPL, had agreed to provide a term loan facility of Rs. 115 Crores to the corporate debtor under a Facility Agreement dated March 9, 2018. The petitioner disbursed Rs. 66 Crores on March 28, 2018, which was secured by various instruments including Deeds of Hypothecation, Share Pledge Agreements, Personal Guarantees, Promissory Notes, and a Letter of Continuity. The corporate debtor also executed a Security Trustee Agreement with IDBI Trusteeship Services Limited.

Avendus Finance Private Limited, the financial creditor, filed a Company Petition on October 5, 2023, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Acute Retail Infra Private Limited, the corporate debtor. The petition was filed for a financial debt of Rs. 65,13,89,934/-, with the date of default stated as April 29, 2022. The financial creditor, along with SP Finance and VLFPL, had agreed to provide a term loan facility of Rs. 115 Crores to the corporate debtor under a Facility Agreement dated March 9, 2018. The petitioner disbursed Rs. 66 Crores on March 28, 2018, which was secured by various instruments including Deeds of Hypothecation, Share Pledge Agreements, Personal Guarantees, Promissory Notes, and a Letter of Continuity. The corporate debtor also executed a Security Trustee Agreement with IDBI Trusteeship Services Limited.