The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Krishkan Investment Private Limited (Financial Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against 4B Networks Private Limited (Corporate Debtor). The claim is based on an unresolved financial debt of Rs. 1,20,54,818/- as of 10.08.2023. The financial facility was initially provided by Ace Housing and Construction Private Limited, which later assigned the debt to Krishkan Investment Private Limited.
Krishkan Investment Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against 4B Networks Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The basis of the petition is an alleged default on a financial debt amounting to Rs. 1,20,54,818/- as on 10.08.2023. Ace Housing and Construction Private Limited initially provided the financial facility to 4B Networks Private Limited through an Inter Corporate Deposit agreement dated 22.01.2023, with a limit of Rs. 3,00,00,000/- at an interest rate of 24% per annum. Ace Housing and Construction Private Limited disbursed Rs. 2,20,00,000/- in two tranches on 01.05.2023 and 03.05.2023. Ace Housing and Construction Private Limited assigned the Inter
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Ace Housing and Construction Private Limited…
Ace Housing and Construction Private Limited…
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Krishkan Investment Private Limited (Financial Creditor) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against 4B Networks Private Limited (Corporate Debtor). The claim is based on an unresolved financial debt of Rs. 1,20,54,818/- as of 10.08.2023. The financial facility was initially provided by Ace Housing and Construction Private Limited, which later assigned the debt to Krishkan Investment Private Limited.
Krishkan Investment Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against 4B Networks Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The basis of the petition is an alleged default on a financial debt amounting to Rs. 1,20,54,818/- as on 10.08.2023. Ace Housing and Construction Private Limited initially provided the financial facility to 4B Networks Private Limited through an Inter Corporate Deposit agreement dated 22.01.2023, with a limit of Rs. 3,00,00,000/- at an interest rate of 24% per annum. Ace Housing and Construction Private Limited disbursed Rs. 2,20,00,000/- in two tranches on 01.05.2023 and 03.05.2023. Ace Housing and Construction Private Limited assigned the Inter
…Ace Housing and Construction Private Limited…
Ace Housing and Construction Private Limited…