Arihant Retail Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company faced financial distress due to the Covid-19 pandemic, leading to business disruptions and an inability to repay its loan obligations.
Arihant Retail Private Limited filed a petition under Section 10 of the IBC to initiate CIRP.
The company's financial distress was attributed to the Covid-19 pandemic.
The total debt raised and the amount in default is Rs. 1,16,53,97,952.22.
The dates of defaults are 12.10.2018, 05.11.2018, 03.02.2017 and 21.01.2020.
The Petitioner had created charge for Rs. 8,75,00,000/- on 30.10.2017, Rs. 3,00,00,000/- on 14.07.2017 modified on 30.10.2017 in favour of Axis Bank Limited.
LIC Housing Finance Limited had sanctioned a housing loan of Rs. 45,00,00,000/- on 03.02.2017 and additional loan of Rs. 70,00,00,000/- on 28.12.2017.
Axis Bank Limited had sanctioned credit facilities of Rs. 11.75 Crores on 12.10.2018.
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Arihant Retail Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company faced financial distress due to the Covid-19 pandemic, leading to business disruptions and an inability to repay its loan obligations.
Arihant Retail Private Limited filed a petition under Section 10 of the IBC to initiate CIRP.
The company's financial distress was attributed to the Covid-19 pandemic.
The total debt raised and the amount in default is Rs. 1,16,53,97,952.22.
The dates of defaults are 12.10.2018, 05.11.2018, 03.02.2017 and 21.01.2020.
The Petitioner had created charge for Rs. 8,75,00,000/- on 30.10.2017, Rs. 3,00,00,000/- on 14.07.2017 modified on 30.10.2017 in favour of Axis Bank Limited.
LIC Housing Finance Limited had sanctioned a housing loan of Rs. 45,00,00,000/- on 03.02.2017 and additional loan of Rs. 70,00,00,000/- on 28.12.2017.
Axis Bank Limited had sanctioned credit facilities of Rs. 11.75 Crores on 12.10.2018.
…One of the dates of…
One of the dates of…