The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by three financial creditors, Wealth Avenue Real Estate Pvt Ltd, Ayaan Buildcon Pvt Ltd, and Ansh Industries Pvt Ltd, against the corporate debtor, M/s Sagar and Vivaan Construction Pvt Ltd, for initiating Corporate Insolvency Resolution Process (CIRP). The financial creditors claim a total default of Rs. 3,65,70,000/-. The corporate debtor failed to appear in the proceedings despite multiple notices.
Wealth Avenue Real Estate Pvt Ltd, Ayaan Buildcon Pvt Ltd, and Ansh Industries Pvt Ltd jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Sagar and Vivaan Construction Pvt Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Each financial creditor provided a loan of Rs. 1,00,00,000/- to the corporate debtor. The corporate debtor agreed to pay interest at 3% per month. The corporate debtor made regular monthly interest payments from February 2022 to June 2022 but failed to deposit the TDS. From June 2022 to December 2022, the corporate debtor failed to pay monthly installments and TDS. The total outstanding amount, including principal and interest, is Rs. 3,65,70,000/-. The corporate debtor did not
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Corporate Debtor approached Financial…
Corporate Debtor approached Financial…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by three financial creditors, Wealth Avenue Real Estate Pvt Ltd, Ayaan Buildcon Pvt Ltd, and Ansh Industries Pvt Ltd, against the corporate debtor, M/s Sagar and Vivaan Construction Pvt Ltd, for initiating Corporate Insolvency Resolution Process (CIRP). The financial creditors claim a total default of Rs. 3,65,70,000/-. The corporate debtor failed to appear in the proceedings despite multiple notices.
Wealth Avenue Real Estate Pvt Ltd, Ayaan Buildcon Pvt Ltd, and Ansh Industries Pvt Ltd jointly filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Sagar and Vivaan Construction Pvt Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). Each financial creditor provided a loan of Rs. 1,00,00,000/- to the corporate debtor. The corporate debtor agreed to pay interest at 3% per month. The corporate debtor made regular monthly interest payments from February 2022 to June 2022 but failed to deposit the TDS. From June 2022 to December 2022, the corporate debtor failed to pay monthly installments and TDS. The total outstanding amount, including principal and interest, is Rs. 3,65,70,000/-. The corporate debtor did not
…Corporate Debtor approached Financial…
Corporate Debtor approached Financial…