Nuvision (Delhi) Private Limited, the Financial Creditor (FC), filed an application IB-2976(ND)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against FLPL Logistics Private Limited, the Corporate Debtor (CD). The FC claimed that the CD had defaulted on a payment of Rs. 75,00,000/- advanced on October 3, 2018, as per an agreement dated September 29, 2018. The CD was supposed to make the payment with 15% interest per annum by October 7, 2019, but failed to do so. The FC presented a cheque given by the CD as security, which was dishonored due to 'funds insufficient'. The CD admitted to being unable to pay its debts and having defaulted on payments to the FC and other Operational
…On October 3, 2018, Nuvision (Delhi) Private Limited (Financial Creditor) advanced Rs. 75,00,000/- to FLPL Logistics Private Limited (Corporate Debtor). The agreement between the parties was entered on September 29, 2018. As per the agreement, the Corporate Debtor was to pay the amount with 15% interest per annum by October 7, 2019. The Corporate Debtor failed to make the payment by the due date. The Financial Creditor presented a cheque given by the Corporate Debtor as security, but it was dishonored due to insufficient funds. The Corporate Debtor admitted to being unable to pay its debts and having defaulted on payments to the Financial Creditor and other Operational Creditors. The Corporate Debtor also filed an application under Section 10, titled 'FLP Logistics
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Nuvision (Delhi) Private Limited, the Financial Creditor (FC), filed an application IB-2976(ND)/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against FLPL Logistics Private Limited, the Corporate Debtor (CD). The FC claimed that the CD had defaulted on a payment of Rs. 75,00,000/- advanced on October 3, 2018, as per an agreement dated September 29, 2018. The CD was supposed to make the payment with 15% interest per annum by October 7, 2019, but failed to do so. The FC presented a cheque given by the CD as security, which was dishonored due to 'funds insufficient'. The CD admitted to being unable to pay its debts and having defaulted on payments to the FC and other Operational
…On October 3, 2018, Nuvision (Delhi) Private Limited (Financial Creditor) advanced Rs. 75,00,000/- to FLPL Logistics Private Limited (Corporate Debtor). The agreement between the parties was entered on September 29, 2018. As per the agreement, the Corporate Debtor was to pay the amount with 15% interest per annum by October 7, 2019. The Corporate Debtor failed to make the payment by the due date. The Financial Creditor presented a cheque given by the Corporate Debtor as security, but it was dishonored due to insufficient funds. The Corporate Debtor admitted to being unable to pay its debts and having defaulted on payments to the Financial Creditor and other Operational Creditors. The Corporate Debtor also filed an application under Section 10, titled 'FLP Logistics
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Financial Creditor…