The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by Fidus Finance Private Ltd. against IIC Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Fidus Finance, claims that IIC Limited has defaulted on its financial debt. The respondent/corporate debtor, IIC Limited, argued that the application is not maintainable due to non-compliance with Section 215 of the Code.
Fidus Finance Private Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against IIC Limited, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP). Fidus Finance claimed to be a financial creditor of IIC Limited, alleging that IIC Limited had defaulted on its financial debt. IIC Limited, the corporate debtor, contested the application, arguing that Fidus Finance had not complied with Section 215 of the IBC, which pertains to the submission of financial information to an information utility. IIC Limited also stated its willingness to repay the outstanding debt in 36 equal installments starting from 01.01.2022. Fidus Finance proposed Mr. Parmod Kumar Gupta as the Interim Resolution Professional (IRP). The court
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Fidus Finance Private Ltd. filed a petition…
The NCLT admitted the…
The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by Fidus Finance Private Ltd. against IIC Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Fidus Finance, claims that IIC Limited has defaulted on its financial debt. The respondent/corporate debtor, IIC Limited, argued that the application is not maintainable due to non-compliance with Section 215 of the Code.
Fidus Finance Private Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against IIC Limited, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP). Fidus Finance claimed to be a financial creditor of IIC Limited, alleging that IIC Limited had defaulted on its financial debt. IIC Limited, the corporate debtor, contested the application, arguing that Fidus Finance had not complied with Section 215 of the IBC, which pertains to the submission of financial information to an information utility. IIC Limited also stated its willingness to repay the outstanding debt in 36 equal installments starting from 01.01.2022. Fidus Finance proposed Mr. Parmod Kumar Gupta as the Interim Resolution Professional (IRP). The court
…Fidus Finance Private Ltd. filed a petition…
The NCLT admitted the…