ATO(I) Limited, the Financial Creditor, filed an application under section 7(1) of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process (CIRP) against Gandhamardhan Sponge Industries Private Limited, the Corporate Debtor. The application was filed because the Corporate Debtor defaulted on a financial debt amounting to Rs. 99,41,096/-. The facts of the case, including the loan amount and default, were not disputed by the parties involved. On August 11, 2015, the Financial Creditor lent Rs. 75,00,058/- to the Corporate Debtor as a loan, disbursed via cheque. The loan was to be repaid within 60 days. The Corporate Debtor made interest payments as per the agreed rate, with the last payment on August 25, 2018. Subsequently, the

ATO(I) Limited, the Financial Creditor, filed an application under section 7(1) of the Insolvency and Bankruptcy Code, 2016 to initiate the Corporate Insolvency Resolution Process (CIRP) against Gandhamardhan Sponge Industries Private Limited, the Corporate Debtor. The application was filed because the Corporate Debtor defaulted on a financial debt amounting to Rs. 99,41,096/-. The facts of the case, including the loan amount and default, were not disputed by the parties involved. On August 11, 2015, the Financial Creditor lent Rs. 75,00,058/- to the Corporate Debtor as a loan, disbursed via cheque. The loan was to be repaid within 60 days. The Corporate Debtor made interest payments as per the agreed rate, with the last payment on August 25, 2018. Subsequently, the