OXYZO Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against SAARP Non Woven India Pvt. Ltd., the Corporate Debtor. The Financial Creditor claimed a debt of Rs.3,16,58,891/- due as of 05.04.2021. The Corporate Debtor contended that the amount claimed was exaggerated and that they had already paid Rs.1,41,08,130/- towards the outstanding on 21.12.2021. The Corporate Debtor also disputed the declaration of their account as NPA, citing RBI circulars during the COVID period. The Tribunal directed the Respondent to file proof of payment, and the Financial Creditor acknowledged receiving payments. The Financial Creditor issued a demand
…OXYZO Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SAARP Non Woven India Pvt. Ltd. (Corporate Debtor). The Financial Creditor claimed a debt of Rs.3,16,58,891/- due as of 05.04.2021. The Corporate Debtor disputed the amount, stating they paid Rs.1,41,08,130/- on 21.12.2021 and challenged the NPA declaration due to RBI circulars during COVID. The Financial Creditor issued a demand notice on 14.06.2021 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor availed purchase finance and business loans. Ledger statements showed outstanding amounts as of 27.02.2023. The Corporate Debtor made irregular
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OXYZO Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against SAARP Non Woven India Pvt. Ltd., the Corporate Debtor. The Financial Creditor claimed a debt of Rs.3,16,58,891/- due as of 05.04.2021. The Corporate Debtor contended that the amount claimed was exaggerated and that they had already paid Rs.1,41,08,130/- towards the outstanding on 21.12.2021. The Corporate Debtor also disputed the declaration of their account as NPA, citing RBI circulars during the COVID period. The Tribunal directed the Respondent to file proof of payment, and the Financial Creditor acknowledged receiving payments. The Financial Creditor issued a demand
…OXYZO Financial Services Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SAARP Non Woven India Pvt. Ltd. (Corporate Debtor). The Financial Creditor claimed a debt of Rs.3,16,58,891/- due as of 05.04.2021. The Corporate Debtor disputed the amount, stating they paid Rs.1,41,08,130/- on 21.12.2021 and challenged the NPA declaration due to RBI circulars during COVID. The Financial Creditor issued a demand notice on 14.06.2021 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor availed purchase finance and business loans. Ledger statements showed outstanding amounts as of 27.02.2023. The Corporate Debtor made irregular
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