The application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Financial Creditor, Yatin Jindal, sought an order to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Pomegranate Coaters Private Limited. The Financial Creditor's application was based on the Corporate Debtor's failure to repay its outstanding dues. The Corporate Debtor is registered with ROC, NCT of Delhi & Haryana.
Yatin Jindal, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pomegranate Coaters Private Limited, the Corporate Debtor. The Corporate Debtor failed to pay interest and loan installments to the Bank of Baroda, leading to the bank declaring the Corporate Debtor as NPA and initiating SARFAESI proceedings. The Financial Creditor stood as guarantor for the credit facilities availed by the Corporate Debtor and mortgaged his property. The Bank of Baroda sold the mortgaged property for Rs. 80,28,990/-. The Corporate Debtor entered into a Loan Agreement dated 01.10.2021, converting the outstanding amount into a loan with 8% interest, but again failed to
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The Insolven…
The Corporate Debtor…
The application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Financial Creditor, Yatin Jindal, sought an order to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Pomegranate Coaters Private Limited. The Financial Creditor's application was based on the Corporate Debtor's failure to repay its outstanding dues. The Corporate Debtor is registered with ROC, NCT of Delhi & Haryana.
Yatin Jindal, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pomegranate Coaters Private Limited, the Corporate Debtor. The Corporate Debtor failed to pay interest and loan installments to the Bank of Baroda, leading to the bank declaring the Corporate Debtor as NPA and initiating SARFAESI proceedings. The Financial Creditor stood as guarantor for the credit facilities availed by the Corporate Debtor and mortgaged his property. The Bank of Baroda sold the mortgaged property for Rs. 80,28,990/-. The Corporate Debtor entered into a Loan Agreement dated 01.10.2021, converting the outstanding amount into a loan with 8% interest, but again failed to
…The Insolven…
The Corporate Debtor…