Three financial creditors (Dinesh Chand, Girish Chandra, Anju Agarwal), operating as sole proprietors, filed a Section 7 IBC application against Raja Udyog Private Limited (Corporate Debtor) for initiating CIRP. The Corporate Debtor, facing financial distress in 2020 due to Covid-19, obtained financial assistance totaling Rs. 2.25 Crores from the applicants. Initial interest payments were made, but the Corporate Debtor ceased payments after April 2022. Demand notices were issued in early 2025, and subsequent part-payment cheques were dishonoured, leading to a claimed default of Rs. 3,18,88,305.66 as of April 28, 2025.
Dinesh Chand, Girish Chandra (M/s. G.R. Chemicals), and Anju Agarwal (M/s. R. Traders) are sole proprietors who filed a Section 7 IBC application.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Raja Udyog Private Limited (Corporate Debtor).
Raja Udyog Private Limited was incorporated on February 12, 2001, and its registered office is in West Bengal.
In September 2020, due to the Covid-19 pandemic, the Corporate Debtor sought financial assistance.
Mr. Omprakash Gupta, a Director of the Corporate Debtor, approached Financial Creditor No. 1 (Dinesh Chand).
Financial Creditor No. 1 transferred Rs. 1,00,00,000/- to the Corporate Debtor on October 6, 2020, in two installments.
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Raja Udyog Private Limited, facing financial…
Financial Creditor No. 1 (Dinesh Chand)…
Three financial creditors (Dinesh Chand, Girish Chandra, Anju Agarwal), operating as sole proprietors, filed a Section 7 IBC application against Raja Udyog Private Limited (Corporate Debtor) for initiating CIRP. The Corporate Debtor, facing financial distress in 2020 due to Covid-19, obtained financial assistance totaling Rs. 2.25 Crores from the applicants. Initial interest payments were made, but the Corporate Debtor ceased payments after April 2022. Demand notices were issued in early 2025, and subsequent part-payment cheques were dishonoured, leading to a claimed default of Rs. 3,18,88,305.66 as of April 28, 2025.
Dinesh Chand, Girish Chandra (M/s. G.R. Chemicals), and Anju Agarwal (M/s. R. Traders) are sole proprietors who filed a Section 7 IBC application.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Raja Udyog Private Limited (Corporate Debtor).
Raja Udyog Private Limited was incorporated on February 12, 2001, and its registered office is in West Bengal.
In September 2020, due to the Covid-19 pandemic, the Corporate Debtor sought financial assistance.
Mr. Omprakash Gupta, a Director of the Corporate Debtor, approached Financial Creditor No. 1 (Dinesh Chand).
Financial Creditor No. 1 transferred Rs. 1,00,00,000/- to the Corporate Debtor on October 6, 2020, in two installments.
…Raja Udyog Private Limited, facing financial…
Financial Creditor No. 1 (Dinesh Chand)…