CIRP Admitted for Default in ₹1.6 Crore Loan Repayment under Section 7

Sahil Jain Vs KGN General Trading Co. Limited (NCLT Chandigarh) The application was filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“the Code”) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor for a default amount of ₹1.60 crore along with 18% annual interest. The date of default was 01.05.2025. The financial creditor, a proprietorship firm engaged in manufacturing hosiery goods, had a long-standing business relationship with the corporate debtor, a company in the same line of business. On ...