Axis Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pawan Impex Pvt. Ltd., the corporate debtor. The petition was filed due to the corporate debtor's default in repayment of a financial debt. The total amount due to the bank was Rs. 189,50,19,724.63 as of April 30, 2019. The corporate debtor admitted to being in default and not having substantive grounds to contest the non-payment.
Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pawan Impex Pvt. Ltd. The petition was based on the corporate debtor's default in repaying a financial debt. The outstanding amount was Rs. 189,50,19,724.63 as of April 30, 2019. The corporate debtor admitted to being in default and stated they had no substantive grounds to contest the non-payment of the debt. The petition was supported by statements of accounts and other security documents. The Adjudicating Authority found that the requirements of Section 7(2) and 7(5) of the IBC were met. The financial creditor disbursed money to the corporate debtor, but the amount was not repaid. The corporate debtor
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Axis Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pawan Impex Pvt. Ltd., the corporate debtor. The petition was filed due to the corporate debtor's default in repayment of a financial debt. The total amount due to the bank was Rs. 189,50,19,724.63 as of April 30, 2019. The corporate debtor admitted to being in default and not having substantive grounds to contest the non-payment.
Axis Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pawan Impex Pvt. Ltd. The petition was based on the corporate debtor's default in repaying a financial debt. The outstanding amount was Rs. 189,50,19,724.63 as of April 30, 2019. The corporate debtor admitted to being in default and stated they had no substantive grounds to contest the non-payment of the debt. The petition was supported by statements of accounts and other security documents. The Adjudicating Authority found that the requirements of Section 7(2) and 7(5) of the IBC were met. The financial creditor disbursed money to the corporate debtor, but the amount was not repaid. The corporate debtor
…The total amount due to…
Letter of acknowledgemen…