The case pertains to a petition filed by M/s. SREI Equipment Finance Limited (Financial Creditor) against M/s. Jai Bhavani Steels Enterprises Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to pay the financial debt. The Corporate Debtor acknowledged the debt but requested more time to repay. The Financial Creditor approached the Adjudicating Authority after the Corporate Debtor failed to repay the debt.
M/s. SREI Equipment Finance Limited (Financial Creditor) filed a petition against M/s. Jai Bhavani Steels Enterprises Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Both parties are public companies registered under the Companies Act, 1956. The Corporate Debtor's registered office is located in Thiruvallur, and it is engaged in the trade of iron and steel items. The Corporate Debtor had approached M/s. SREI Infrastructure Finance Limited for a rupee loan of Rs. 25 crore, and an agreement was entered into on 01.04.2006. The rights and powers related to M/s. SREI Infrastructure Finance Limited were transferred to the Financial Creditor. The Financial Creditor issued a demand notice dated 14.05.2016, and the Corporate
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The case pertains to a petition filed by M/s. SREI Equipment Finance Limited (Financial Creditor) against M/s. Jai Bhavani Steels Enterprises Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to pay the financial debt. The Corporate Debtor acknowledged the debt but requested more time to repay. The Financial Creditor approached the Adjudicating Authority after the Corporate Debtor failed to repay the debt.
M/s. SREI Equipment Finance Limited (Financial Creditor) filed a petition against M/s. Jai Bhavani Steels Enterprises Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Both parties are public companies registered under the Companies Act, 1956. The Corporate Debtor's registered office is located in Thiruvallur, and it is engaged in the trade of iron and steel items. The Corporate Debtor had approached M/s. SREI Infrastructure Finance Limited for a rupee loan of Rs. 25 crore, and an agreement was entered into on 01.04.2006. The rights and powers related to M/s. SREI Infrastructure Finance Limited were transferred to the Financial Creditor. The Financial Creditor issued a demand notice dated 14.05.2016, and the Corporate
…An agreement was entered into between M/s.…
The rights and powers related to M/s. SREI…