The case involves a petition filed by Ashish Bankar, the financial creditor, against M/S Nu Tek India Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, Ashish Bankar, was appointed as Chief Financial Officer of the corporate debtor during 2017-2019 and had advanced a loan to the corporate debtor. The corporate debtor failed to repay the loan. The applicant issued a letter dated 10.02.2019 demanding repayment of Rs. 41,47,415/-. The corporate debtor admitted the debt but cited instability in the telecom sector, shut down of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan.
Ashish Bankar, the applicant, is a financial creditor of M/S Nu Tek India Limited, the corporate debtor. Ashish Bankar was the CFO of the corporate debtor from 2017-2019. He advanced a loan of Rs. 41,47,415/- to the corporate debtor, which the corporate debtor failed to repay. A letter dated 10.02.2019 was issued to the corporate debtor demanding repayment. The corporate debtor acknowledged the debt in a letter dated 20.02.2019 but cited financial difficulties as the reason for non-payment. The application under Section 7 of IBC, 2016 was filed on 17.05.2019. The corporate debtor admitted its liability towards the outstanding loan amount. The date of default is 20.02.2019.
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Corporate Debtor is…
Corporate D…
The case involves a petition filed by Ashish Bankar, the financial creditor, against M/S Nu Tek India Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant, Ashish Bankar, was appointed as Chief Financial Officer of the corporate debtor during 2017-2019 and had advanced a loan to the corporate debtor. The corporate debtor failed to repay the loan. The applicant issued a letter dated 10.02.2019 demanding repayment of Rs. 41,47,415/-. The corporate debtor admitted the debt but cited instability in the telecom sector, shut down of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan.
Ashish Bankar, the applicant, is a financial creditor of M/S Nu Tek India Limited, the corporate debtor. Ashish Bankar was the CFO of the corporate debtor from 2017-2019. He advanced a loan of Rs. 41,47,415/- to the corporate debtor, which the corporate debtor failed to repay. A letter dated 10.02.2019 was issued to the corporate debtor demanding repayment. The corporate debtor acknowledged the debt in a letter dated 20.02.2019 but cited financial difficulties as the reason for non-payment. The application under Section 7 of IBC, 2016 was filed on 17.05.2019. The corporate debtor admitted its liability towards the outstanding loan amount. The date of default is 20.02.2019.
Corporate Debtor is…
Corporate D…