Axis Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor). The default amount was Rs.2,65,70,956/- as on 08.05.2025, stemming from a Channel Finance Facility sanctioned in 2013. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on March 23, 2016. Despite a recall notice and a pending case before the Debt Recovery Tribunal, the debt remained unpaid. The Corporate Debtor's audited financial statements from FY 2016-17 to FY 2023-24 consistently acknowledged the outstanding borrowings, with the FY 2023-24 statements explicitly identifying the liability towards Axis
…Axis Bank Limited (Financial Creditor) filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor) under Section 7 of the IBC.
The Corporate Debtor defaulted on payment of outstanding debts amounting to Rs.2,65,70,956/- as on 08.05.2025, comprising principal and interest.
Axis Bank Limited is a Bank/Financial Institution.
The petition was filed through Mr. Satish Roy, Manager (Law), authorized by a Power of Attorney dated 25.10.24.
Kshipra Motors Private Limited is the Corporate Debtor with CIN U05010MP2003PTC016184.
Mr. Navin Khandelwal, an Insolvency Professional, was nominated as the Interim Resolution Professional (IRP).
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The Financial Creditor (Axis Bank Ltd)…
The Corporate Debtor and its guarantors…
Axis Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor). The default amount was Rs.2,65,70,956/- as on 08.05.2025, stemming from a Channel Finance Facility sanctioned in 2013. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on March 23, 2016. Despite a recall notice and a pending case before the Debt Recovery Tribunal, the debt remained unpaid. The Corporate Debtor's audited financial statements from FY 2016-17 to FY 2023-24 consistently acknowledged the outstanding borrowings, with the FY 2023-24 statements explicitly identifying the liability towards Axis
…Axis Bank Limited (Financial Creditor) filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor) under Section 7 of the IBC.
The Corporate Debtor defaulted on payment of outstanding debts amounting to Rs.2,65,70,956/- as on 08.05.2025, comprising principal and interest.
Axis Bank Limited is a Bank/Financial Institution.
The petition was filed through Mr. Satish Roy, Manager (Law), authorized by a Power of Attorney dated 25.10.24.
Kshipra Motors Private Limited is the Corporate Debtor with CIN U05010MP2003PTC016184.
Mr. Navin Khandelwal, an Insolvency Professional, was nominated as the Interim Resolution Professional (IRP).
…The Financial Creditor (Axis Bank Ltd)…
The Corporate Debtor and its guarantors…