The case involves an application filed by Noble Co-operative Bank Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Garvit Innovative Promoters Limited, the Corporate Debtor. The Corporate Debtor had approached the bank for opening a current cum overdraft account in July 2018. The account was opened with overdraft facility, subject to interest charges of 19% per annum and a penal interest of 2.5% per month if the debtor failed to maintain the minimum balance. The Corporate Debtor failed to maintain financial discipline, resulting in cheque returns due to insufficient funds. The bank account remained overdrawn, leading to continuous levy of interest and

The case involves an application filed by Noble Co-operative Bank Limited, the Operational Creditor, under Section 9 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Garvit Innovative Promoters Limited, the Corporate Debtor. The Corporate Debtor had approached the bank for opening a current cum overdraft account in July 2018. The account was opened with overdraft facility, subject to interest charges of 19% per annum and a penal interest of 2.5% per month if the debtor failed to maintain the minimum balance. The Corporate Debtor failed to maintain financial discipline, resulting in cheque returns due to insufficient funds. The bank account remained overdrawn, leading to continuous levy of interest and