Axis Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against India Mega Agro-Anaj Private Limited, claiming a financial debt of Rs. 62,21,30,534.65. The petitioner, Axis Bank, contended that the respondent, India Mega Agro-Anaj Private Limited, had approached them for credit facilities, which were sanctioned and subsequently renewed and enhanced. Despite reminders, the respondent failed to repay the outstanding loan amount, leading to the account being classified as a Non-Performing Asset (NPA). The petitioner issued loan recall notices and invoked the provisions of the SARFAESI Act. The respondent denied the allegations, arguing that the petitioner

Axis Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against India Mega Agro-Anaj Private Limited, claiming a financial debt of Rs. 62,21,30,534.65. The petitioner, Axis Bank, contended that the respondent, India Mega Agro-Anaj Private Limited, had approached them for credit facilities, which were sanctioned and subsequently renewed and enhanced. Despite reminders, the respondent failed to repay the outstanding loan amount, leading to the account being classified as a Non-Performing Asset (NPA). The petitioner issued loan recall notices and invoked the provisions of the SARFAESI Act. The respondent denied the allegations, arguing that the petitioner