South North Projects LLP filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Avaneesh Infratech Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 7,45,16,254/-, with the date of default being March 17, 2023. The corporate debtor was incorporated on March 13, 2014. The financial creditor had agreed to provide a business loan/investment of Rs. 1.5 Crore to the corporate debtor between February 25, 2016, and March 1, 2016, with a verbal agreement for repayment of Rs. 2.5 Crore by February 15, 2017. The corporate debtor also mortgaged properties through M/s 7 Senses Infrastructure Pvt. Ltd. as security. The corporate debtor made part payments, but

South North Projects LLP filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Avaneesh Infratech Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default of Rs. 7,45,16,254/-, with the date of default being March 17, 2023. The corporate debtor was incorporated on March 13, 2014. The financial creditor had agreed to provide a business loan/investment of Rs. 1.5 Crore to the corporate debtor between February 25, 2016, and March 1, 2016, with a verbal agreement for repayment of Rs. 2.5 Crore by February 15, 2017. The corporate debtor also mortgaged properties through M/s 7 Senses Infrastructure Pvt. Ltd. as security. The corporate debtor made part payments, but