Volkswagen Finance Private Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Zenica Cars India Private Limited, the corporate debtor. The petition was based on a facility agreement dated 21.12.2011, where Volkswagen Finance provided credit and financial facilities to Zenica Cars for the purchase of cars supplied by Audi India. The financial creditor claimed a default of ₹41,02,26,827/- as of 02.02.2018. Zenica Cars argued that there was no direct disbursement of money to them, the debt was disputed, and the application was liable to be dismissed due to suppression of facts regarding an arbitration award. The NCLT found that Volkswagen Finance had disbursed money to Audi India on

Volkswagen Finance Private Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Zenica Cars India Private Limited, the corporate debtor. The petition was based on a facility agreement dated 21.12.2011, where Volkswagen Finance provided credit and financial facilities to Zenica Cars for the purchase of cars supplied by Audi India. The financial creditor claimed a default of ₹41,02,26,827/- as of 02.02.2018. Zenica Cars argued that there was no direct disbursement of money to them, the debt was disputed, and the application was liable to be dismissed due to suppression of facts regarding an arbitration award. The NCLT found that Volkswagen Finance had disbursed money to Audi India on