The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Sreenath Finvest Pvt. Ltd., M/s Kamna Commercial Pvt. Ltd., and M/s Chiki Finance Pvt. Ltd. (Financial Creditors) against M/s Pami Metals Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a total default amount of Rs. 1,77,50,877/- inclusive of interest. The Corporate Debtor admitted to financial stress and inability to repay the debts.
M/s Sreenath Finvest Pvt. Ltd., M/s Kamna Commercial Pvt. Ltd., and M/s Chiki Finance Pvt. Ltd. (Financial Creditors) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Pami Metals Private Limited (Corporate Debtor). The Financial Creditors claimed that they had granted a loan to the Corporate Debtor, and the Corporate Debtor defaulted on repayments. The total amount in default, including interest, was Rs. 1,77,50,877.71 as of January 31, 2021. The Corporate Debtor admitted to making a partial payment of Rs. 15,00,000 to Financial Creditor No. 1 on March 31, 2015, but no payments were made to Financial Creditors No. 2 and No. 3. The Corporate Debtor cited financial difficulties due to the pandemic and operational
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Petitioners no.2 and 3 passed resolutions…
The Corporate Debtor filed a reply affidavit…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s Sreenath Finvest Pvt. Ltd., M/s Kamna Commercial Pvt. Ltd., and M/s Chiki Finance Pvt. Ltd. (Financial Creditors) against M/s Pami Metals Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditors claimed a total default amount of Rs. 1,77,50,877/- inclusive of interest. The Corporate Debtor admitted to financial stress and inability to repay the debts.
M/s Sreenath Finvest Pvt. Ltd., M/s Kamna Commercial Pvt. Ltd., and M/s Chiki Finance Pvt. Ltd. (Financial Creditors) jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Pami Metals Private Limited (Corporate Debtor). The Financial Creditors claimed that they had granted a loan to the Corporate Debtor, and the Corporate Debtor defaulted on repayments. The total amount in default, including interest, was Rs. 1,77,50,877.71 as of January 31, 2021. The Corporate Debtor admitted to making a partial payment of Rs. 15,00,000 to Financial Creditor No. 1 on March 31, 2015, but no payments were made to Financial Creditors No. 2 and No. 3. The Corporate Debtor cited financial difficulties due to the pandemic and operational
…Petitioners no.2 and 3 passed resolutions…
The Corporate Debtor filed a reply affidavit…