The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by AVB Global Ventures Pvt. Ltd. (Financial Creditor) against Rainbow Infrabuild Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's failure to repay outstanding dues of Rs. 2,38,95,357/-, which includes a principal amount of Rs. 1,91,11,250/- and interest of Rs. 47,87,107/-. The date of default was stated as 30.06.2022. The Financial Creditor claimed that the Corporate Debtor had approached them for financial assistance and entered into a Memorandum of Understanding (MoU) dated 25.05.2020, agreeing to repay the loan with interest. The Financial Creditor disbursed the
…AVB Global Ventures Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rainbow Infrabuild Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on 25.05.2020, wherein the Corporate Debtor sought financial assistance of Rs. 2.00 Crores. The Financial Creditor disbursed Rs. 1,91,11,250/- in 8 tranches between 27.05.2020 and 21.07.2020. The Corporate Debtor failed to repay the amount with interest @ 9% p.a. by the agreed date of 30.06.2022, resulting in a default. The Financial Creditor issued a demand notice on 05.01.2023, which was served on the Corporate Debtor on
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The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by AVB Global Ventures Pvt. Ltd. (Financial Creditor) against Rainbow Infrabuild Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's failure to repay outstanding dues of Rs. 2,38,95,357/-, which includes a principal amount of Rs. 1,91,11,250/- and interest of Rs. 47,87,107/-. The date of default was stated as 30.06.2022. The Financial Creditor claimed that the Corporate Debtor had approached them for financial assistance and entered into a Memorandum of Understanding (MoU) dated 25.05.2020, agreeing to repay the loan with interest. The Financial Creditor disbursed the
…AVB Global Ventures Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rainbow Infrabuild Pvt. Ltd. (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor and Corporate Debtor entered into a Memorandum of Understanding (MoU) on 25.05.2020, wherein the Corporate Debtor sought financial assistance of Rs. 2.00 Crores. The Financial Creditor disbursed Rs. 1,91,11,250/- in 8 tranches between 27.05.2020 and 21.07.2020. The Corporate Debtor failed to repay the amount with interest @ 9% p.a. by the agreed date of 30.06.2022, resulting in a default. The Financial Creditor issued a demand notice on 05.01.2023, which was served on the Corporate Debtor on
…The Applicant/Financial Creditor and the…
The Applicant/Financial Creditor disbursed…