Dena Bank, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Bluefern Venture Pvt. Ltd. The application was based on the corporate debtor's failure to repay a term loan facility of Rs. 27,45,30,410.00. The financial creditor had previously taken steps to serve notice to the corporate debtor, and the court noted that the corporate debtor did not appear despite service of notice.
Dena Bank, the financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against M/s. Bluefern Venture Pvt. Ltd., the corporate debtor. The corporate debtor had been granted a term loan facility of Rs. 27,45,30,410.00. In 2013, the corporate debtor approached the financial creditor for an additional term loan of Rs. 1861 lakhs to restructure the original loan. The financial creditor restructured the loan and granted an additional loan. The corporate debtor executed deeds of mortgage, hypothecation, and other security documents. The project was delayed, and the financial creditor requested the corporate debtor to provide observations regarding the delay. The corporate debtor admitted the delay. The corporate
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Dena Bank, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Bluefern Venture Pvt. Ltd. The application was based on the corporate debtor's failure to repay a term loan facility of Rs. 27,45,30,410.00. The financial creditor had previously taken steps to serve notice to the corporate debtor, and the court noted that the corporate debtor did not appear despite service of notice.
Dena Bank, the financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against M/s. Bluefern Venture Pvt. Ltd., the corporate debtor. The corporate debtor had been granted a term loan facility of Rs. 27,45,30,410.00. In 2013, the corporate debtor approached the financial creditor for an additional term loan of Rs. 1861 lakhs to restructure the original loan. The financial creditor restructured the loan and granted an additional loan. The corporate debtor executed deeds of mortgage, hypothecation, and other security documents. The project was delayed, and the financial creditor requested the corporate debtor to provide observations regarding the delay. The corporate debtor admitted the delay. The corporate
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Financial Creditor…