M/s Mayoga Investments Limited, the financial creditor/applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s M.K. Overseas Private Limited, the corporate debtor/respondent. The application was based on a business loan agreement entered into between the parties on 2019-04-25, where the corporate debtor availed a loan facility of Rs. 25,00,000/- from the financial creditor. The corporate debtor allegedly defaulted on the repayment schedule, leading to the presentation of security cheques that were dishonored due to insufficient funds.

M/s Mayoga Investments Limited, the financial creditor/applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s M.K. Overseas Private Limited, the corporate debtor/respondent. The application was based on a business loan agreement entered into between the parties on 2019-04-25, where the corporate debtor availed a loan facility of Rs. 25,00,000/- from the financial creditor. The corporate debtor allegedly defaulted on the repayment schedule, leading to the presentation of security cheques that were dishonored due to insufficient funds.