The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Nuvision (Delhi) Private Limited, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Flywheel Logistics Solution Private Limited, the Corporate Debtor. The applicant sought to trigger CIRP based on a default in repayment of a loan. The corporate debtor had appeared but did not file a reply to the application.
Nuvision (Delhi) Private Limited (the Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Flywheel Logistics Solution Private Limited (the Corporate Debtor). In 2019, the Corporate Debtor sought a loan of Rs. 50,00,000/- from the Applicant, which was granted due to a prior business relationship and trust between the parties. The Applicant transferred Rs. 4,25,000/- on 30.04.2019 and Rs. 45,75,000/- on 08.05.2019 to the Corporate Debtor's IDBI account. An agreement was entered into on 01.07.2019 for the loan at a 15% p.a. interest rate, to be repaid by 01.01.2020. The total amount to be repaid, including interest, was Rs. 53,75,500/-, for which
…Sign in to view the parties.
The corporate debtor…
The applicant…
The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Nuvision (Delhi) Private Limited, the Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Flywheel Logistics Solution Private Limited, the Corporate Debtor. The applicant sought to trigger CIRP based on a default in repayment of a loan. The corporate debtor had appeared but did not file a reply to the application.
Nuvision (Delhi) Private Limited (the Applicant/Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Flywheel Logistics Solution Private Limited (the Corporate Debtor). In 2019, the Corporate Debtor sought a loan of Rs. 50,00,000/- from the Applicant, which was granted due to a prior business relationship and trust between the parties. The Applicant transferred Rs. 4,25,000/- on 30.04.2019 and Rs. 45,75,000/- on 08.05.2019 to the Corporate Debtor's IDBI account. An agreement was entered into on 01.07.2019 for the loan at a 15% p.a. interest rate, to be repaid by 01.01.2020. The total amount to be repaid, including interest, was Rs. 53,75,500/-, for which
…The corporate debtor…
The applicant…