The case involves an application filed by the financial creditor, 03 Developers Pvt. Ltd., under Section 7 of the Insolvency and 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/-, with the date of default stated as 01.04.2021. The financial creditor disbursed Rs. 1,24,00,000/- on 11.09.2020, supported by bank statements. The corporate debtor failed to make payment on the due date, leading to the financial creditor recalling the loan amount via a notice served 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 and Bankruptcy Code, 2016, to initiate CIRP against Bacon Vanijya Pvt. Ltd., the corporate debtor. The default amount is Rs. 1,24,00,000/-, with the default date being 01.04.2021. The financial creditor disbursed the amount on 11.09.2020, supported by bank statements. The corporate debtor acknowledged the debt but cited adverse business conditions as the reason for non-payment. A notice recalling the loan was served on 09.04.2021. The application was found complete and defect-free. Amrish Navinchandra Gandhi was proposed as the IRP, with his consent on record and no disciplinary proceedings pending against him. The corporate debtor accepted the debt and liability to
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The case involves an application filed by the financial creditor, 03 Developers Pvt. Ltd., under Section 7 of the Insolvency and 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/-, with the date of default stated as 01.04.2021. The financial creditor disbursed Rs. 1,24,00,000/- on 11.09.2020, supported by bank statements. The corporate debtor failed to make payment on the due date, leading to the financial creditor recalling the loan amount via a notice served 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 and Bankruptcy Code, 2016, to initiate CIRP against Bacon Vanijya Pvt. Ltd., the corporate debtor. The default amount is Rs. 1,24,00,000/-, with the default date being 01.04.2021. The financial creditor disbursed the amount on 11.09.2020, supported by bank statements. The corporate debtor acknowledged the debt but cited adverse business conditions as the reason for non-payment. A notice recalling the loan was served on 09.04.2021. The application was found complete and defect-free. Amrish Navinchandra Gandhi was proposed as the IRP, with his consent on record and no disciplinary proceedings pending against him. The corporate debtor accepted the debt and liability to
…The financial creditor…
The corporate…