The case pertains to a petition filed by M/S. PAS ENTERPRISE, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. CBS HOLDINGS PRIVATE LIMITED, the corporate debtor, due to a default in payment of a financial debt. The financial creditor claimed that the corporate debtor had defaulted on a loan repayment, leading to the application for CIRP. The Adjudicating Authority initially directed the applicant to issue notice to the corporate debtor, but the corporate debtor failed to appear despite service of notice, leading to an ex-parte hearing.
M/S. PAS ENTERPRISE, the applicant and 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. CBS HOLDINGS PRIVATE LIMITED, the respondent and corporate debtor. The corporate debtor, incorporated on 20.04.2008, defaulted on a payment of Rs. 1,69,40,000/- as of 01.04.2019. The financial creditor disbursed a loan to the corporate debtor on 11.03.2015, repayable by 31.03.2019, with an 18% per annum interest rate. The corporate debtor requested conversion of outstanding dues of Rs.93,84,5361- plus interest of Rs.16,15,4641/- into a lump sum of Rs.1,10,00,000/-, payable within six months, i.e., by September 2019. The corporate debtor failed to repay the loan.
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M/S. CBS HOLDINGS…
M/S. PAS ENTERPRISE…
The case pertains to a petition filed by M/S. PAS ENTERPRISE, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. CBS HOLDINGS PRIVATE LIMITED, the corporate debtor, due to a default in payment of a financial debt. The financial creditor claimed that the corporate debtor had defaulted on a loan repayment, leading to the application for CIRP. The Adjudicating Authority initially directed the applicant to issue notice to the corporate debtor, but the corporate debtor failed to appear despite service of notice, leading to an ex-parte hearing.
M/S. PAS ENTERPRISE, the applicant and 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. CBS HOLDINGS PRIVATE LIMITED, the respondent and corporate debtor. The corporate debtor, incorporated on 20.04.2008, defaulted on a payment of Rs. 1,69,40,000/- as of 01.04.2019. The financial creditor disbursed a loan to the corporate debtor on 11.03.2015, repayable by 31.03.2019, with an 18% per annum interest rate. The corporate debtor requested conversion of outstanding dues of Rs.93,84,5361- plus interest of Rs.16,15,4641/- into a lump sum of Rs.1,10,00,000/-, payable within six months, i.e., by September 2019. The corporate debtor failed to repay the loan.
…M/S. CBS HOLDINGS…
M/S. PAS ENTERPRISE…