The case pertains to an application filed by the Resolution Professional, Mr. Nitin Jain, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s Chahal Parivahan Private Limited. The application was filed because 330 days had been completed on 11.04.2021, and no resolution plan had been received. The Corporate Debtor was incorporated on 06.01.2017. The Financial Creditor, M/s Paisalo Digital Limited, a non-banking financial company, had been advancing loans to the Corporate Debtor. The Corporate Debtor defaulted in making payments, leading the Financial Creditor to file a petition under Section 7 of the Code for initiating CIRP. The Tribunal initiated CIRP on 12.02.2020 and appointed the
…The Corporate Debtor, M/s Chahal Parivahan Private Limited, was incorporated on 06.01.2017. M/s Paisalo Digital Limited, the Financial Creditor, extended loans to the Corporate Debtor. The Corporate Debtor defaulted on payments, leading the Financial Creditor to initiate CIRP under Section 7 of the IBC. CIRP was initiated on 12.02.2020, and Nitin Jain was appointed as the Interim Resolution Professional. A public announcement was made on 21.03.2020, with a claim submission deadline of 03.04.2020. The sole Financial Creditor's claim amounted to Rs. 2,93,67,359/-. The first CoC meeting occurred on 12.06.2020. The Resolution Professional faced non-cooperation from the suspended management, hindering the CIRP process. The registered office of the Corporate Debtor was found
…Sign in to view the parties.
The Corporate Debtor,…
The Tribunal initiated CIRP of the Corporate…
The case pertains to an application filed by the Resolution Professional, Mr. Nitin Jain, under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the liquidation of the Corporate Debtor, M/s Chahal Parivahan Private Limited. The application was filed because 330 days had been completed on 11.04.2021, and no resolution plan had been received. The Corporate Debtor was incorporated on 06.01.2017. The Financial Creditor, M/s Paisalo Digital Limited, a non-banking financial company, had been advancing loans to the Corporate Debtor. The Corporate Debtor defaulted in making payments, leading the Financial Creditor to file a petition under Section 7 of the Code for initiating CIRP. The Tribunal initiated CIRP on 12.02.2020 and appointed the
…The Corporate Debtor, M/s Chahal Parivahan Private Limited, was incorporated on 06.01.2017. M/s Paisalo Digital Limited, the Financial Creditor, extended loans to the Corporate Debtor. The Corporate Debtor defaulted on payments, leading the Financial Creditor to initiate CIRP under Section 7 of the IBC. CIRP was initiated on 12.02.2020, and Nitin Jain was appointed as the Interim Resolution Professional. A public announcement was made on 21.03.2020, with a claim submission deadline of 03.04.2020. The sole Financial Creditor's claim amounted to Rs. 2,93,67,359/-. The first CoC meeting occurred on 12.06.2020. The Resolution Professional faced non-cooperation from the suspended management, hindering the CIRP process. The registered office of the Corporate Debtor was found
…The Corporate Debtor,…
The Tribunal initiated CIRP of the Corporate…