Axis Bank Limited filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BSR Diagnostic Limited (Corporate Debtor) due to defaults in loan repayments. The Corporate Debtor had availed a Term Loan facility of ₹33,75,00,000 and a Cash Credit Facility of ₹6,00,00,000. These facilities were disbursed between October and December 2011. The Corporate Debtor failed to make timely repayments, leading Axis Bank to recall the loans on December 5, 2016, demanding repayment within seven days. When the Corporate Debtor failed to comply, Axis Bank initiated the Corporate Insolvency Resolution Process (CIRP).

Axis Bank Limited filed a Company Petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against BSR Diagnostic Limited (Corporate Debtor) due to defaults in loan repayments. The Corporate Debtor had availed a Term Loan facility of ₹33,75,00,000 and a Cash Credit Facility of ₹6,00,00,000. These facilities were disbursed between October and December 2011. The Corporate Debtor failed to make timely repayments, leading Axis Bank to recall the loans on December 5, 2016, demanding repayment within seven days. When the Corporate Debtor failed to comply, Axis Bank initiated the Corporate Insolvency Resolution Process (CIRP).