The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sampati Securities Ltd (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Torque Automotive Private Ltd (Corporate Debtor). The financial creditor claimed a default of Rs. 19,54,22,723/- disbursed to the corporate debtor in pursuance of an agreement/MoU dated 01.04.2017.
Sampati Securities Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Torque Automotive Private Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 19,54,22,723/-. This amount was disbursed to the Corporate Debtor in accordance with an agreement/MoU dated 01.04.2017. The Corporate Debtor made some part-payments, but a significant amount remained outstanding. The outstanding debt became due and payable on 01.04.2019. The Financial Creditor filed the Section 7 application on 06.11.2019. The Corporate Debtor stated that its business had been closed and that it could make the payment to the Financial Creditor in 36 to 48 months.
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The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Sampati Securities Ltd (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Torque Automotive Private Ltd (Corporate Debtor). The financial creditor claimed a default of Rs. 19,54,22,723/- disbursed to the corporate debtor in pursuance of an agreement/MoU dated 01.04.2017.
Sampati Securities Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Torque Automotive Private Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 19,54,22,723/-. This amount was disbursed to the Corporate Debtor in accordance with an agreement/MoU dated 01.04.2017. The Corporate Debtor made some part-payments, but a significant amount remained outstanding. The outstanding debt became due and payable on 01.04.2019. The Financial Creditor filed the Section 7 application on 06.11.2019. The Corporate Debtor stated that its business had been closed and that it could make the payment to the Financial Creditor in 36 to 48 months.
…Date of the agreement/Mo…
Date on which the…