The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajradhe Finance Limited (Financial Creditor) against Madhav Ginning and Pressing Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from State Bank of India, which were later assigned to the applicant. The corporate debtor defaulted in repayment, leading to the account being classified as NPA. Despite attempts to recover the outstanding debt, a significant amount remained unpaid. The corporate debtor had proposed a One Time Settlement (OTS), which was not approved by the State Bank of India and subsequently rejected by the applicant after the debt assignment.

The case pertains to a company petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Rajradhe Finance Limited (Financial Creditor) against Madhav Ginning and Pressing Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from State Bank of India, which were later assigned to the applicant. The corporate debtor defaulted in repayment, leading to the account being classified as NPA. Despite attempts to recover the outstanding debt, a significant amount remained unpaid. The corporate debtor had proposed a One Time Settlement (OTS), which was not approved by the State Bank of India and subsequently rejected by the applicant after the debt assignment.