Peejay Finance Company Limited (the Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against V S Matrix Private Limited (the Corporate Debtor), claiming a financial debt of Rs.40,93,862/- along with interest of Rs.12,64,710/-. The Financial Creditor claimed that a sum of Rs.1.7 crores was disbursed to the Corporate Debtor under 4 loan agreements. The Corporate Debtor admitted to the default in a reply dated 02.01.2019, citing financial distress. The Financial Creditor proposed Mr. Vineet Aggarwal as the Interim Resolution Professional (IRP). The court noted that the Corporate Debtor admitted to the default and that the Tribunal was left with no other alternative except to initiate the Corporate Insolvency Resolution Process (CIRP).

Peejay Finance Company Limited (the Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against V S Matrix Private Limited (the Corporate Debtor), claiming a financial debt of Rs.40,93,862/- along with interest of Rs.12,64,710/-. The Financial Creditor claimed that a sum of Rs.1.7 crores was disbursed to the Corporate Debtor under 4 loan agreements. The Corporate Debtor admitted to the default in a reply dated 02.01.2019, citing financial distress. The Financial Creditor proposed Mr. Vineet Aggarwal as the Interim Resolution Professional (IRP). The court noted that the Corporate Debtor admitted to the default and that the Tribunal was left with no other alternative except to initiate the Corporate Insolvency Resolution Process (CIRP).