The case involves a Company Petition (IB-1226/ND/2019) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ashish Bankar, the Financial Creditor, against M/S Nu Tek India Limited, the Corporate Debtor. The applicant, Ashish Bankar, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Nu Tek India Limited, due to unpaid loans. The applicant was the Chief Financial Officer of the corporate debtor from 2017-2019 and had advanced a loan to the corporate debtor, which the corporate debtor failed to repay. The corporate debtor admitted to the debt but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan.
Ashish Bankar, the applicant and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Nu Tek India Limited, the Corporate Debtor. Ashish Bankar was the Chief Financial Officer of the Corporate Debtor from 2017 to 2019. During this period, Ashish Bankar advanced a loan of Rs. 41,47,415/- to the Corporate Debtor. The Corporate Debtor failed to repay the loan. The Corporate Debtor admitted to the debt in a letter dated 20.02.2019 but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan. The date of default occurred on 20.02.2019. The applicant filed the application on 17.05.2019. The Corporate Debtor's
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The case involves a Company Petition (IB-1226/ND/2019) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ashish Bankar, the Financial Creditor, against M/S Nu Tek India Limited, the Corporate Debtor. The applicant, Ashish Bankar, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Nu Tek India Limited, due to unpaid loans. The applicant was the Chief Financial Officer of the corporate debtor from 2017-2019 and had advanced a loan to the corporate debtor, which the corporate debtor failed to repay. The corporate debtor admitted to the debt but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan.
Ashish Bankar, the applicant and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Nu Tek India Limited, the Corporate Debtor. Ashish Bankar was the Chief Financial Officer of the Corporate Debtor from 2017 to 2019. During this period, Ashish Bankar advanced a loan of Rs. 41,47,415/- to the Corporate Debtor. The Corporate Debtor failed to repay the loan. The Corporate Debtor admitted to the debt in a letter dated 20.02.2019 but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan. The date of default occurred on 20.02.2019. The applicant filed the application on 17.05.2019. The Corporate Debtor's
…Corporate Debtor is…
Corporate D…