The application was filed by the Financial Creditor, 03 Developers Pvt. Ltd., under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Bacon Vanijya Pvt. Ltd. The amount of default is Rs. 1,24,00,000/-, and the date of default is stated as 01.04.2021. The financial creditor disbursed Rs. 1,24,00,000/- on 11.09.2020, supported by a bank statement. The corporate debtor failed to make the payment due on 01.04.2021, leading to the issuance of a notice recalling the loan amount on 09.04.2021, after which the application was filed.
03 Developers Pvt. Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bacon Vanijya Pvt. Ltd., the Corporate Debtor. The amount of default is Rs. 1,24,00,000/-, with the default date being 01.04.2021. The Financial Creditor disbursed Rs. 1,24,00,000/- on 11.09.2020. The Corporate Debtor acknowledged the debt but cited adverse business conditions for non-repayment. The application was found complete and defect-free. Mr. Amrish Navinchandra Gandhi was appointed as the Interim Resolution Professional (IRP). A moratorium was imposed effective from 20.09.2021. The Financial Creditor is directed to pay Rs. 1,00,000/- to the IRP as fees and expenses.
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Rs. 1,24,00,000/- was…
The amount fell due for…
The application was filed by the Financial Creditor, 03 Developers Pvt. Ltd., under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Bacon Vanijya Pvt. Ltd. The amount of default is Rs. 1,24,00,000/-, and the date of default is stated as 01.04.2021. The financial creditor disbursed Rs. 1,24,00,000/- on 11.09.2020, supported by a bank statement. The corporate debtor failed to make the payment due on 01.04.2021, leading to the issuance of a notice recalling the loan amount on 09.04.2021, after which the application was filed.
03 Developers Pvt. Ltd., the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bacon Vanijya Pvt. Ltd., the Corporate Debtor. The amount of default is Rs. 1,24,00,000/-, with the default date being 01.04.2021. The Financial Creditor disbursed Rs. 1,24,00,000/- on 11.09.2020. The Corporate Debtor acknowledged the debt but cited adverse business conditions for non-repayment. The application was found complete and defect-free. Mr. Amrish Navinchandra Gandhi was appointed as the Interim Resolution Professional (IRP). A moratorium was imposed effective from 20.09.2021. The Financial Creditor is directed to pay Rs. 1,00,000/- to the IRP as fees and expenses.
Rs. 1,24,00,000/- was…
The amount fell due for…