Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prapti Fashions Private Limited. The petition was filed due to the Corporate Debtor's alleged default in payment of Rs. 5,46,74,948 as of June 1, 2019. The Financial Creditor claimed that Madhuri Commodities Private Limited had approached Reliance Capital Limited for trade facilities, which later defaulted. A settlement agreement was entered into, and the remaining amount was restructured as a new loan in favor of Prapti Fashions Private Limited. The Commercial Finance Division of Reliance Capital Limited was transferred to Reliance Commercial Finance Limited. The Corporate Debtor initially

Reliance Commercial Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Prapti Fashions Private Limited. The petition was filed due to the Corporate Debtor's alleged default in payment of Rs. 5,46,74,948 as of June 1, 2019. The Financial Creditor claimed that Madhuri Commodities Private Limited had approached Reliance Capital Limited for trade facilities, which later defaulted. A settlement agreement was entered into, and the remaining amount was restructured as a new loan in favor of Prapti Fashions Private Limited. The Commercial Finance Division of Reliance Capital Limited was transferred to Reliance Commercial Finance Limited. The Corporate Debtor initially