The financial creditor, M/s Brilliant Metals Pvt Ltd, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aveena Cold Storage Pvt. Ltd. (Corporate Debtor) due to its failure to honor obligations as a corporate guarantor for loans availed by M/s Avdhesh Construction and Impex Ltd (Principal Borrower). The application was based on an arbitral award holding the Corporate Debtor jointly and severally liable for outstanding amounts.
M/s Brilliant Metals Pvt Ltd (Applicant/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aveena Cold Storage Pvt. Ltd. (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for loans availed by M/s Avdhesh Construction and Impex Ltd (Principal Borrower). The Corporate Debtor was incorporated on September 11, 2014, under the Companies Act, 2013, and its registered office in South Delhi established the Bench's jurisdiction. The Applicant, engaged in manufacturing and supplying equipment for milk processing plants, was approached by Mr. Avadhesh Mittal, CFO of the Principal Borrower, with a proposal to set up milk plants. On May 15,
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M/s Aveena Cold Storage Pvt. Ltd. (Corporate…
M/s Brilliant Metals Pvt Ltd (Applicant) issued…
The financial creditor, M/s Brilliant Metals Pvt Ltd, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aveena Cold Storage Pvt. Ltd. (Corporate Debtor) due to its failure to honor obligations as a corporate guarantor for loans availed by M/s Avdhesh Construction and Impex Ltd (Principal Borrower). The application was based on an arbitral award holding the Corporate Debtor jointly and severally liable for outstanding amounts.
M/s Brilliant Metals Pvt Ltd (Applicant/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aveena Cold Storage Pvt. Ltd. (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for loans availed by M/s Avdhesh Construction and Impex Ltd (Principal Borrower). The Corporate Debtor was incorporated on September 11, 2014, under the Companies Act, 2013, and its registered office in South Delhi established the Bench's jurisdiction. The Applicant, engaged in manufacturing and supplying equipment for milk processing plants, was approached by Mr. Avadhesh Mittal, CFO of the Principal Borrower, with a proposal to set up milk plants. On May 15,
…M/s Aveena Cold Storage Pvt. Ltd. (Corporate…
M/s Brilliant Metals Pvt Ltd (Applicant) issued…