Ratnaafin Capital Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kamdar Plastic Private Limited (Corporate Debtor). The Financial Creditor had extended a Purchase Bill Discounting Facility of Rs. 2,00,00,000/- to M/s. Kamdar Plastics (Principal Borrower), with Kamdar Plastic Private Limited acting as a Corporate Guarantor. The Financial Creditor claimed a default of Rs. 1,31,58,389/- as of May 9, 2025, after accounting for repayments and security deposit adjustments. The Corporate Debtor contended that the loan was wrongfully recalled, payments were made after the recall notice, the account was never declared an NPA, and the guarantee invocation was premature.

Ratnaafin Capital Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kamdar Plastic Private Limited (Corporate Debtor). The Financial Creditor had extended a Purchase Bill Discounting Facility of Rs. 2,00,00,000/- to M/s. Kamdar Plastics (Principal Borrower), with Kamdar Plastic Private Limited acting as a Corporate Guarantor. The Financial Creditor claimed a default of Rs. 1,31,58,389/- as of May 9, 2025, after accounting for repayments and security deposit adjustments. The Corporate Debtor contended that the loan was wrongfully recalled, payments were made after the recall notice, the account was never declared an NPA, and the guarantee invocation was premature.