The case pertains to an application filed by M/s. Shriram Transport Finance Company Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. EMI Infrastructure Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 6,62,41,657.08/- due from the Corporate Debtor, arising from twelve individual loan accounts for vehicle purchases. The Corporate Debtor allegedly defaulted on repayments, leading to the classification of the loan accounts as Non-Performing Assets (NPA).
M/s. Shriram Transport Finance Company Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EMI Infrastructure Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 6,62,41,657.08/- due from the Corporate Debtor as of the date of filing the application. This debt arose from twelve individual loan accounts obtained by the Corporate Debtor for the purchase of vehicles. The Corporate Debtor executed 'Hypothecation Cum Loan Agreements' and 'Demand Promissory Notes' for each vehicle. The Corporate Debtor defaulted on repayments, leading to the classification of the loan accounts as Non-Performing Assets (NPA)
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M/s. Shriram Transport Finance Company Limited…
The Corporate Debtor…
The case pertains to an application filed by M/s. Shriram Transport Finance Company Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. EMI Infrastructure Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 6,62,41,657.08/- due from the Corporate Debtor, arising from twelve individual loan accounts for vehicle purchases. The Corporate Debtor allegedly defaulted on repayments, leading to the classification of the loan accounts as Non-Performing Assets (NPA).
M/s. Shriram Transport Finance Company Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. EMI Infrastructure Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 6,62,41,657.08/- due from the Corporate Debtor as of the date of filing the application. This debt arose from twelve individual loan accounts obtained by the Corporate Debtor for the purchase of vehicles. The Corporate Debtor executed 'Hypothecation Cum Loan Agreements' and 'Demand Promissory Notes' for each vehicle. The Corporate Debtor defaulted on repayments, leading to the classification of the loan accounts as Non-Performing Assets (NPA)
…M/s. Shriram Transport Finance Company Limited…
The Corporate Debtor…