IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aldiam Motors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the corporate debtor's default in payment of outstanding dues amounting to Rs. 30,46,11,634.42, including interest. The financial creditor claimed that the corporate debtor had availed various term loan facilities and defaulted on repayments. The date of default was stated as 08.01.2020. The financial creditor had previously initiated recovery proceedings and issued recall and demand notices under the SARFAESI Act, but the corporate debtor failed to repay the dues. The corporate debtor also submitted OTS proposals, which were rejected by

IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aldiam Motors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the corporate debtor's default in payment of outstanding dues amounting to Rs. 30,46,11,634.42, including interest. The financial creditor claimed that the corporate debtor had availed various term loan facilities and defaulted on repayments. The date of default was stated as 08.01.2020. The financial creditor had previously initiated recovery proceedings and issued recall and demand notices under the SARFAESI Act, but the corporate debtor failed to repay the dues. The corporate debtor also submitted OTS proposals, which were rejected by