Canara Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Shresht Industries Private Limited, the Corporate Debtor. The Financial Creditor alleged a default of a financial debt exceeding Rupees One Crore by the Corporate Debtor. The Corporate Debtor was set ex-parte due to failure to appear before the Tribunal despite substituted service through paper publications in 'The Times of India' and 'Nava Telangana'.
Canara Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Shresht Industries Private Limited, the Corporate Debtor, alleging a default of over Rupees One Crore. The Corporate Debtor is a private limited company incorporated on 23.12.2013, engaged in the manufacture and supply of drinking water purification systems. The Financial Creditor had granted a vehicle loan and approved the takeover of existing WC limits of OCC with enhancement to OCC/ODBD limit. The Corporate Debtor executed various loan documents, including a Demand Promissory Note and a Common Hypothecation Agreement. The Corporate Debtor also executed a series of acknowledgements of debt and security towards different amounts on
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Canara Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/S Shresht Industries Private Limited, the Corporate Debtor. The Financial Creditor alleged a default of a financial debt exceeding Rupees One Crore by the Corporate Debtor. The Corporate Debtor was set ex-parte due to failure to appear before the Tribunal despite substituted service through paper publications in 'The Times of India' and 'Nava Telangana'.
Canara Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Shresht Industries Private Limited, the Corporate Debtor, alleging a default of over Rupees One Crore. The Corporate Debtor is a private limited company incorporated on 23.12.2013, engaged in the manufacture and supply of drinking water purification systems. The Financial Creditor had granted a vehicle loan and approved the takeover of existing WC limits of OCC with enhancement to OCC/ODBD limit. The Corporate Debtor executed various loan documents, including a Demand Promissory Note and a Common Hypothecation Agreement. The Corporate Debtor also executed a series of acknowledgements of debt and security towards different amounts on
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