Unity Small Finance Bank Limited, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Serveall Constructions Private Limited, the Corporate Debtor. The application, filed on 13.12.2023, asserts that the Corporate Debtor defaulted on a payment of Rs. 231,14,45,121/- along with interest and costs, as evidenced by a 'Record of financial information-Form C' dated 30.08.2023. The Corporate Debtor had availed various overdraft facilities from Punjab and Maharashtra Co-operative Bank Limited, which later amalgamated with the Applicant Bank. These facilities were secured by personal guarantees and mortgages of immovable properties of a group company,

Unity Small Finance Bank Limited, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Serveall Constructions Private Limited, the Corporate Debtor. The application, filed on 13.12.2023, asserts that the Corporate Debtor defaulted on a payment of Rs. 231,14,45,121/- along with interest and costs, as evidenced by a 'Record of financial information-Form C' dated 30.08.2023. The Corporate Debtor had availed various overdraft facilities from Punjab and Maharashtra Co-operative Bank Limited, which later amalgamated with the Applicant Bank. These facilities were secured by personal guarantees and mortgages of immovable properties of a group company,