Volkswagen Finance Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kelvin Recruiters Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed loans from the financial creditor to purchase luxury vehicles but defaulted on repayments, leading to the recall of the loans. The failure to liquidate the outstanding liability prompted the financial creditor to file the application.
Volkswagen Finance Pvt. Ltd. is a financing company that provides vehicle loans. Kelvin Recruiters Pvt. Ltd. availed loans from Volkswagen Finance Pvt. Ltd. to purchase luxury vehicles. Kelvin Recruiters Pvt. Ltd. defaulted on the repayment schedule, leading Volkswagen Finance Pvt. Ltd. to recall the loans. The outstanding amount claimed to be in default is Rs. 23,44,133.74/- inclusive of interest and other charges. Volkswagen Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kelvin Recruiters Pvt. Ltd. The Corporate Debtor failed to appear in court despite being served notice. The car loan account number is 20161102548, and a sum of Rs. 24,50,000/-
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Volkswagen Finance Pvt. Ltd. disbursed a sum of…
Kelvin Recruiters Pvt.…
Volkswagen Finance Pvt. Ltd., a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kelvin Recruiters Pvt. Ltd., the corporate debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed loans from the financial creditor to purchase luxury vehicles but defaulted on repayments, leading to the recall of the loans. The failure to liquidate the outstanding liability prompted the financial creditor to file the application.
Volkswagen Finance Pvt. Ltd. is a financing company that provides vehicle loans. Kelvin Recruiters Pvt. Ltd. availed loans from Volkswagen Finance Pvt. Ltd. to purchase luxury vehicles. Kelvin Recruiters Pvt. Ltd. defaulted on the repayment schedule, leading Volkswagen Finance Pvt. Ltd. to recall the loans. The outstanding amount claimed to be in default is Rs. 23,44,133.74/- inclusive of interest and other charges. Volkswagen Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Kelvin Recruiters Pvt. Ltd. The Corporate Debtor failed to appear in court despite being served notice. The car loan account number is 20161102548, and a sum of Rs. 24,50,000/-
…Volkswagen Finance Pvt. Ltd. disbursed a sum of…
Kelvin Recruiters Pvt.…