Reliance Commercial Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Medybiz Private Limited, the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default totaling Rs. 822,25,17,739/-. This amount included a principal of Rs. 323,02,25,333/-, interest of Rs. 196,20,12,766/-, and penal interest of Rs. 303,02,79,640/-, all calculated as of September 30, 2023. The Financial Creditor was formerly known as Reliance Gilts Limited and was registered as a Non-Banking Financial Institution with the Reserve Bank of India.

Reliance Commercial Finance Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Medybiz Private Limited, the Corporate Debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default totaling Rs. 822,25,17,739/-. This amount included a principal of Rs. 323,02,25,333/-, interest of Rs. 196,20,12,766/-, and penal interest of Rs. 303,02,79,640/-, all calculated as of September 30, 2023. The Financial Creditor was formerly known as Reliance Gilts Limited and was registered as a Non-Banking Financial Institution with the Reserve Bank of India.