Irabati Tie-Up Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited, the Corporate Debtor. The application was filed due to a default in payment of a loan amount of Rs. 1,09,20,000/-. The Corporate Debtor had approached the Applicant for a short-term loan of Rs. 1,04,00,000/- due to liabilities with the State Bank of India. A loan agreement was executed on 30.01.2024 with an interest rate of 12% per annum. The repayment was to be made in four installments starting from 01.04.2024. The Corporate Debtor defaulted on the first installment and only paid Rs. 85,000/- towards interest. The Applicant

Irabati Tie-Up Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ARK Industries Private Limited, the Corporate Debtor. The application was filed due to a default in payment of a loan amount of Rs. 1,09,20,000/-. The Corporate Debtor had approached the Applicant for a short-term loan of Rs. 1,04,00,000/- due to liabilities with the State Bank of India. A loan agreement was executed on 30.01.2024 with an interest rate of 12% per annum. The repayment was to be made in four installments starting from 01.04.2024. The Corporate Debtor defaulted on the first installment and only paid Rs. 85,000/- towards interest. The Applicant