Mrs. Kaushalya Ahluwalia, claiming to be a 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vardhman Estates and Developers Private Limited. This is the second round of litigation between the parties, with a previous petition (C.P. (IB) No. 337/2018) having been withdrawn following a settlement. The corporate debtor was incorporated on 24.09.1996. The petitioner claims that a sum of Rs. 77,00,000/- was lent to the corporate debtor, secured by collateral property and post-dated cheques. The corporate debtor initially paid interest but later defaulted. Despite requests and reminders, the loan was not repaid, nor was the collateral property

Mrs. Kaushalya Ahluwalia, claiming to be a 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vardhman Estates and Developers Private Limited. This is the second round of litigation between the parties, with a previous petition (C.P. (IB) No. 337/2018) having been withdrawn following a settlement. The corporate debtor was incorporated on 24.09.1996. The petitioner claims that a sum of Rs. 77,00,000/- was lent to the corporate debtor, secured by collateral property and post-dated cheques. The corporate debtor initially paid interest but later defaulted. Despite requests and reminders, the loan was not repaid, nor was the collateral property