The case involves an application filed by Omkara Assets Reconstruction Private Limited, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against K.S.N Buildwell Private Limited, the corporate debtor. The application is based on the corporate debtor's default in repaying a loan availed from the financial creditor.
Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.S.N Buildwell Private Limited. K.S.N Buildwell Private Limited, the corporate debtor, availed financial assistance of Rs. 20 crore on 2018-08-14 from Omkara Assets Reconstruction Private Limited against the security of their project 'Sarvottam Pride'. The corporate debtor defaulted in repaying the loan, with a sum of Rs. 27,31,24,503/- claimed as due and payable. The counsel for the corporate debtor refused to file a reply and argued orally, failing to prove that no debt was payable. The applicant proposed the name of Mr. Anil Matta as Interim Resolution Professional. The
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The application was…
K.S.N Buildwell Private…
The case involves an application filed by Omkara Assets Reconstruction Private Limited, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against K.S.N Buildwell Private Limited, the corporate debtor. The application is based on the corporate debtor's default in repaying a loan availed from the financial creditor.
Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against K.S.N Buildwell Private Limited. K.S.N Buildwell Private Limited, the corporate debtor, availed financial assistance of Rs. 20 crore on 2018-08-14 from Omkara Assets Reconstruction Private Limited against the security of their project 'Sarvottam Pride'. The corporate debtor defaulted in repaying the loan, with a sum of Rs. 27,31,24,503/- claimed as due and payable. The counsel for the corporate debtor refused to file a reply and argued orally, failing to prove that no debt was payable. The applicant proposed the name of Mr. Anil Matta as Interim Resolution Professional. The
…The application was…
K.S.N Buildwell Private…