Volkswagen Finance Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ten Travels Private Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor had availed financial facility from the Financial Creditor on 30.06.2017 and defaulted on repayment, leading to its account becoming NPA. The Financial Creditor had sanctioned a car loan of Rs. 1,10,89,800/- to the Corporate Debtor. The Directors of the Corporate Debtor, including Mr. Joginder Solanki and Ms. Rashmee, furnished guarantees dated 30th June, 2017. The Corporate Debtor failed to repay the amount as per the repayment schedule, and the account
…Volkswagen Finance Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ten Travels Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facility from the Financial Creditor on 30.06.2017 and defaulted on repayment, leading to its account becoming NPA. The Financial Creditor sanctioned a car loan of Rs. 1,10,89,800/- to the Corporate Debtor. The Directors of the Corporate Debtor, Mr. Joginder Solanki, Ms. Rashmee, and Mr. Satish Sehrawat, furnished guarantees dated 30th June, 2017. The Corporate Debtor failed to repay the amount as per the repayment schedule, and the account was recalled by the
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Volkswagen Finance Private Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Ten Travels Private Limited, the Corporate Debtor, due to its inability to liquidate its financial debt. The Corporate Debtor had availed financial facility from the Financial Creditor on 30.06.2017 and defaulted on repayment, leading to its account becoming NPA. The Financial Creditor had sanctioned a car loan of Rs. 1,10,89,800/- to the Corporate Debtor. The Directors of the Corporate Debtor, including Mr. Joginder Solanki and Ms. Rashmee, furnished guarantees dated 30th June, 2017. The Corporate Debtor failed to repay the amount as per the repayment schedule, and the account
…Volkswagen Finance Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Ten Travels Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facility from the Financial Creditor on 30.06.2017 and defaulted on repayment, leading to its account becoming NPA. The Financial Creditor sanctioned a car loan of Rs. 1,10,89,800/- to the Corporate Debtor. The Directors of the Corporate Debtor, Mr. Joginder Solanki, Ms. Rashmee, and Mr. Satish Sehrawat, furnished guarantees dated 30th June, 2017. The Corporate Debtor failed to repay the amount as per the repayment schedule, and the account was recalled by the
…The Corporate Debtor…
The Directors of the…