The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Park View Developers Private Limited (Financial Creditor/Petitioner) against SDU Travels Private Limited (Corporate Debtor/Respondent) to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,87,50,000, secured against fixed deposits. The Corporate Debtor defaulted on payments, leading to the invocation of collateral security by Canara Bank, causing jeopardy to the Financial Creditor. The Financial Creditor issued a demand notice and approached an Information Utility for details of default.
Park View Developers Private Limited (Financial Creditor) filed a petition against SDU Travels Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor, incorporated on September 22, 2010, with a registered office in Bengaluru, had approached the Financial Creditor for a loan of Rs. 1,87,50,000. The loan was to be secured against fixed deposits amounting to Rs. 2,50,00,000 with Canara Bank. A board resolution dated November 1, 2017, authorized Mr. Sunit Suri to proceed with securing the loan. On November 8, 2017, the Corporate Debtor sought consent to secure the loan against fixed deposits. The Financial Creditor consented on November 9, 2017. On December 12, 2017, the Corporate Debtor
…Sign in to view the parties.
SDU Travels P…
A Board Resolution was passed by the…
The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Park View Developers Private Limited (Financial Creditor/Petitioner) against SDU Travels Private Limited (Corporate Debtor/Respondent) to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for a loan of Rs. 1,87,50,000, secured against fixed deposits. The Corporate Debtor defaulted on payments, leading to the invocation of collateral security by Canara Bank, causing jeopardy to the Financial Creditor. The Financial Creditor issued a demand notice and approached an Information Utility for details of default.
Park View Developers Private Limited (Financial Creditor) filed a petition against SDU Travels Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The Corporate Debtor, incorporated on September 22, 2010, with a registered office in Bengaluru, had approached the Financial Creditor for a loan of Rs. 1,87,50,000. The loan was to be secured against fixed deposits amounting to Rs. 2,50,00,000 with Canara Bank. A board resolution dated November 1, 2017, authorized Mr. Sunit Suri to proceed with securing the loan. On November 8, 2017, the Corporate Debtor sought consent to secure the loan against fixed deposits. The Financial Creditor consented on November 9, 2017. On December 12, 2017, the Corporate Debtor
…SDU Travels P…
A Board Resolution was passed by the…