M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The company admitted to defaulting on payments to Financial and Operational Creditors.
M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant admitted to defaulting on payments of Rs. 14,05,72,417/- to Financial and Operational Creditors.
The Corporate Applicant's business was affected by the Covid-19 pandemic, leading to a negative net worth.
Loans availed by the Corporate Applicant were declared as NPA by several creditors.
Kotak Mahindra Bank, a Financial Creditor, objected to the initiation of CIRP, claiming the petition was malafide.
RITCO Travels & Tours Private Limited, an Operational Creditor, also objected, alleging fraudulent inducement to provide services.
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Adjudicating Authority directed the Applicant…
M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The company admitted to defaulting on payments to Financial and Operational Creditors.
M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Applicant admitted to defaulting on payments of Rs. 14,05,72,417/- to Financial and Operational Creditors.
The Corporate Applicant's business was affected by the Covid-19 pandemic, leading to a negative net worth.
Loans availed by the Corporate Applicant were declared as NPA by several creditors.
Kotak Mahindra Bank, a Financial Creditor, objected to the initiation of CIRP, claiming the petition was malafide.
RITCO Travels & Tours Private Limited, an Operational Creditor, also objected, alleging fraudulent inducement to provide services.
…The present app…
Adjudicating Authority directed the Applicant…