Piyush Securities Private Limited (Financial Creditor) filed a Section 7 IBC petition against M/s Shree Vaishnavi Ispat Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, a Non-Banking Financial Institution, disbursed an inter-corporate loan of Rs. 4 crores to the Corporate Debtor in September 2022, with an agreed interest rate of 15% per annum compounded monthly, repayable on demand. Despite the absence of a formal written agreement, the transaction was evidenced by bank statements, ledger accounts, and the Corporate Debtor's balance sheets. The Corporate Debtor defaulted on repayment, with an outstanding principal of Rs. 3.50 crores and accrued interest of Rs. 2,02,52,948/- as of 31.12.2025. The Corporate
…Piyush Securities Private Limited (Applicant/Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Shree Vaishnavi Ispat Private Limited (Respondent/Corporate Debtor).
The Financial Creditor is a Non-Banking Financial Institution engaged in trading, investment, and financing.
Mr. Rajendra Kumar Sethia, Director of the applicant, was duly authorized to file the application for initiation of insolvency resolution process.
The Corporate Debtor was incorporated on 13.04.2005, with its registered office in Durgapur, West Bengal.
Around September 2022, the Corporate Debtor approached the Financial Creditor seeking inter-corporate loans for business requirements.
…Sign in to view the parties.
The Corporate Debtor approached the Financial…
The Financial Creditor disbursed Rs.…
Piyush Securities Private Limited (Financial Creditor) filed a Section 7 IBC petition against M/s Shree Vaishnavi Ispat Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, a Non-Banking Financial Institution, disbursed an inter-corporate loan of Rs. 4 crores to the Corporate Debtor in September 2022, with an agreed interest rate of 15% per annum compounded monthly, repayable on demand. Despite the absence of a formal written agreement, the transaction was evidenced by bank statements, ledger accounts, and the Corporate Debtor's balance sheets. The Corporate Debtor defaulted on repayment, with an outstanding principal of Rs. 3.50 crores and accrued interest of Rs. 2,02,52,948/- as of 31.12.2025. The Corporate
…Piyush Securities Private Limited (Applicant/Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Shree Vaishnavi Ispat Private Limited (Respondent/Corporate Debtor).
The Financial Creditor is a Non-Banking Financial Institution engaged in trading, investment, and financing.
Mr. Rajendra Kumar Sethia, Director of the applicant, was duly authorized to file the application for initiation of insolvency resolution process.
The Corporate Debtor was incorporated on 13.04.2005, with its registered office in Durgapur, West Bengal.
Around September 2022, the Corporate Debtor approached the Financial Creditor seeking inter-corporate loans for business requirements.
…The Corporate Debtor approached the Financial…
The Financial Creditor disbursed Rs.…