Tejaswini Engineering Private Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Devesh Engineering Enterprises (P) Limited (Corporate Debtor). The Financial Creditor claimed that a loan agreement dated 01.01.2018 granted Rs. 8,84,10,421/- as an unsecured loan to the Corporate Debtor, to be repaid in eight installments of Rs. 1,10,51,303/- every three months. The Corporate Debtor allegedly defaulted on the repayment. The Corporate Debtor admitted to the debt in their reply affidavit. The outstanding debt exceeded Rs. 1,00,000/-. The Financial Creditor proposed Mr. Bhaskar B as the IRP.

Tejaswini Engineering Private Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Devesh Engineering Enterprises (P) Limited (Corporate Debtor). The Financial Creditor claimed that a loan agreement dated 01.01.2018 granted Rs. 8,84,10,421/- as an unsecured loan to the Corporate Debtor, to be repaid in eight installments of Rs. 1,10,51,303/- every three months. The Corporate Debtor allegedly defaulted on the repayment. The Corporate Debtor admitted to the debt in their reply affidavit. The outstanding debt exceeded Rs. 1,00,000/-. The Financial Creditor proposed Mr. Bhaskar B as the IRP.