M. Gagan Bothra, a financial creditor, filed a petition under Section 7 of the IBC, 2016, against Maagrita Exports Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed to have lent Rs. 4 Crores to the Corporate Debtor across six tranches between April 2022 and February 2023, which was allegedly acknowledged by the Corporate Debtor through various letters. A cheque for Rs. 3.75 Crores issued by the Corporate Debtor for part payment was dishonoured on August 6, 2024, leading to a total outstanding debt of Rs. 5,53,57,808.22. The petitioner presented NeSL reports, income tax returns, and books of accounts as evidence of the debt and default. Criminal proceedings under Section 138 of the NI Act were also

M. Gagan Bothra, a financial creditor, filed a petition under Section 7 of the IBC, 2016, against Maagrita Exports Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed to have lent Rs. 4 Crores to the Corporate Debtor across six tranches between April 2022 and February 2023, which was allegedly acknowledged by the Corporate Debtor through various letters. A cheque for Rs. 3.75 Crores issued by the Corporate Debtor for part payment was dishonoured on August 6, 2024, leading to a total outstanding debt of Rs. 5,53,57,808.22. The petitioner presented NeSL reports, income tax returns, and books of accounts as evidence of the debt and default. Criminal proceedings under Section 138 of the NI Act were also