M/s Samunnati Financial Intermediation and Services Pvt Ltd (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Mahakali Foods Pvt Ltd (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged a default in payment of outstanding debts amounting to Rs. 4,41,12,323.99/-, with the date of default stated as 30.09.2023. The debt arose from financial assistance extended, initially as a short-term loan, later converted into a long-term facility of Rs. 3,00,00,000/-. The Corporate Debtor defaulted on repayments, including dishonored cheques and non-compliance with an arbitral award.

M/s Samunnati Financial Intermediation and Services Pvt Ltd (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Mahakali Foods Pvt Ltd (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleged a default in payment of outstanding debts amounting to Rs. 4,41,12,323.99/-, with the date of default stated as 30.09.2023. The debt arose from financial assistance extended, initially as a short-term loan, later converted into a long-term facility of Rs. 3,00,00,000/-. The Corporate Debtor defaulted on repayments, including dishonored cheques and non-compliance with an arbitral award.