Mr. Dilip Bafna HUF & Ors. ('Applicants'/'Financial Creditors') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Vishnu Oil Mill Private Limited ('Respondent'/'Corporate Debtor') seeking initiation of the Corporate Insolvency Resolution Process ('CIRP') due to default in repayment of loan amount. The applicants had extended credit facilities to the corporate debtor, which was acknowledged by the corporate debtor. The corporate debtor initially paid interest, deducting TDS. However, later, the corporate debtor failed to pay the principal amount and interest. The applicants issued recall notices, and the corporate debtor indirectly admitted the non-payment. The corporate debtor argued that the default occurred during the
…Mr. Dilip Bafna HUF, Mrs. Meena Bafna, Mr. Yash Bafna, and Mr. Moolchand Hundia (Financial Creditors) extended credit facilities to M/s Vishnu Oil Mill Private Limited (Corporate Debtor). The total principal amount advanced was Rs. 85,00,000/-. The Corporate Debtor initially paid interest and deducted TDS. The Corporate Debtor later defaulted on the principal and interest payments. The Financial Creditors issued recall notices to the Corporate Debtor. The Corporate Debtor indirectly admitted the non-payment. The Financial Creditors filed an application under Section 7 of the IBC seeking initiation of CIRP. The Corporate Debtor contended that the default occurred during the period covered by Section 10A of the IBC (COVID-19 period). The Corporate Debtor also argued that
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The Corporate Debtor is a Private Limited…
Dilip Bafna (Applicant…
Mr. Dilip Bafna HUF & Ors. ('Applicants'/'Financial Creditors') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Vishnu Oil Mill Private Limited ('Respondent'/'Corporate Debtor') seeking initiation of the Corporate Insolvency Resolution Process ('CIRP') due to default in repayment of loan amount. The applicants had extended credit facilities to the corporate debtor, which was acknowledged by the corporate debtor. The corporate debtor initially paid interest, deducting TDS. However, later, the corporate debtor failed to pay the principal amount and interest. The applicants issued recall notices, and the corporate debtor indirectly admitted the non-payment. The corporate debtor argued that the default occurred during the
…Mr. Dilip Bafna HUF, Mrs. Meena Bafna, Mr. Yash Bafna, and Mr. Moolchand Hundia (Financial Creditors) extended credit facilities to M/s Vishnu Oil Mill Private Limited (Corporate Debtor). The total principal amount advanced was Rs. 85,00,000/-. The Corporate Debtor initially paid interest and deducted TDS. The Corporate Debtor later defaulted on the principal and interest payments. The Financial Creditors issued recall notices to the Corporate Debtor. The Corporate Debtor indirectly admitted the non-payment. The Financial Creditors filed an application under Section 7 of the IBC seeking initiation of CIRP. The Corporate Debtor contended that the default occurred during the period covered by Section 10A of the IBC (COVID-19 period). The Corporate Debtor also argued that
…The Corporate Debtor is a Private Limited…
Dilip Bafna (Applicant…