The case involves an application filed by M/s. Shriram Finance Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. MVR Shipping Services Pvt. Ltd, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loan repayments. The Corporate Debtor argued that the claim was barred by limitation, but the Adjudicating Authority found the application maintainable.
M/s. Shriram Finance Limited (formerly known as Shriram Transport Finance Company Limited), the Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s. MVR Shipping Services Pvt. Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments for seven vehicles, which were secured by Demand Promissory Notes and Hypothecation cum Loan Agreements. The loans were availed on 2019-01-10. The Corporate Debtor's account was declared NPA on 2020-05-21. The Financial Creditor issued a legal notice on 2022-12-01. The Corporate Debtor argued that the claim was barred by limitation, alleging that the date of default was 2020-02-21, and the limitation period expired on 2023-02-20,
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Shriram Finance…
MVR Shipping S…
The case involves an application filed by M/s. Shriram Finance Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. MVR Shipping Services Pvt. Ltd, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loan repayments. The Corporate Debtor argued that the claim was barred by limitation, but the Adjudicating Authority found the application maintainable.
M/s. Shriram Finance Limited (formerly known as Shriram Transport Finance Company Limited), the Financial Creditor, filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s. MVR Shipping Services Pvt. Ltd, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments for seven vehicles, which were secured by Demand Promissory Notes and Hypothecation cum Loan Agreements. The loans were availed on 2019-01-10. The Corporate Debtor's account was declared NPA on 2020-05-21. The Financial Creditor issued a legal notice on 2022-12-01. The Corporate Debtor argued that the claim was barred by limitation, alleging that the date of default was 2020-02-21, and the limitation period expired on 2023-02-20,
…Shriram Finance…
MVR Shipping S…