Flagship Financials Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Venkat Estates Private Limited. The application was filed due to the corporate debtor's default in payment of an outstanding overdraft limit of Rs.1,77,59,276 as of February 28, 2025, despite a demand notice served on November 20, 2024. The corporate debtor admitted to availing an overdraft facility from the petitioner initially in March 2017, which was renewed on February 1, 2023. The corporate debtor cited industry slowdown, rising costs, and delayed sales realization as reasons for its financial distress.
Flagship Financials Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Venkat Estates Private Limited, the corporate debtor. The application was based on the corporate debtor's default in payment of an outstanding overdraft limit of Rs.1,77,59,276 as of February 28, 2025. A demand notice was served on November 20, 2024. The corporate debtor admitted to availing an overdraft facility from the petitioner initially in March 2017, which was renewed on February 1, 2023. The corporate debtor cited industry slowdown, rising costs, and delayed sales realization as reasons for its financial distress. The corporate debtor expressed willingness to
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Corporate Debtor…
The overdraft…
Flagship Financials Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Venkat Estates Private Limited. The application was filed due to the corporate debtor's default in payment of an outstanding overdraft limit of Rs.1,77,59,276 as of February 28, 2025, despite a demand notice served on November 20, 2024. The corporate debtor admitted to availing an overdraft facility from the petitioner initially in March 2017, which was renewed on February 1, 2023. The corporate debtor cited industry slowdown, rising costs, and delayed sales realization as reasons for its financial distress.
Flagship Financials Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Venkat Estates Private Limited, the corporate debtor. The application was based on the corporate debtor's default in payment of an outstanding overdraft limit of Rs.1,77,59,276 as of February 28, 2025. A demand notice was served on November 20, 2024. The corporate debtor admitted to availing an overdraft facility from the petitioner initially in March 2017, which was renewed on February 1, 2023. The corporate debtor cited industry slowdown, rising costs, and delayed sales realization as reasons for its financial distress. The corporate debtor expressed willingness to
…Corporate Debtor…
The overdraft…