CIRP u/s. 7(5) of IBC admitted as financial debt and default established by Financial Creditor

Reliance Value Services Private Limited Vs Vees Properties Limited (NCLT Chennai) NCLT Chennai held that petition under section 7(5) of the Insolvency and Bankruptcy Code, 2016 [IBC] is admitted as financial debt and default thereon is proved by the Financial Creditor. Accordingly, CIRP of Corporate Debtor admitted. Facts- This petition under section 7 r/w Rule 4 of the Insolvency and Bankruptcy Code, 2016 (IBC) has been filed by Reliance Value Services Private Limited, Financial Creditor against Vees Properties Limited, the Respondent / Corporate Debtor for initiating Corporate Insolvency Res...