Rahul Jain, the Financial Creditor, filed a Company Petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against Nirmal Lifestyle Private Limited, the Corporate Debtor. The Corporate Debtor availed a credit facility of Rs. 4.22 Crore, disbursed on January 1, 2019, with an initial repayment term of 7 days, due on January 8, 2019. As per part IV amended pursuant to order dated 20.07.2014, the principal outstanding was INR 77,49,849, and the default interest as of May 14, 2019, was INR 87,37,134. The date of default is stated as January 25, 2019. The NCLT noted that the Corporate Debtor was already undergoing CIRP vide order dated December 20, 2022, in another Company Petition (CP No. 176/2020).

Rahul Jain, the Financial Creditor, filed a Company Petition under Section 7 of the IBC, 2016, seeking initiation of CIRP against Nirmal Lifestyle Private Limited, the Corporate Debtor. The Corporate Debtor availed a credit facility of Rs. 4.22 Crore, disbursed on January 1, 2019, with an initial repayment term of 7 days, due on January 8, 2019. As per part IV amended pursuant to order dated 20.07.2014, the principal outstanding was INR 77,49,849, and the default interest as of May 14, 2019, was INR 87,37,134. The date of default is stated as January 25, 2019. The NCLT noted that the Corporate Debtor was already undergoing CIRP vide order dated December 20, 2022, in another Company Petition (CP No. 176/2020).