ORDER

PER: MANNI SANKARIAH SHANMUGA SUNDARAM, MEMBER (JUDICIAL)

1. This Petition is filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by M/s Saivi Finance Private Ltd. (“Financial Creditor”), seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s AKJ Metals Private Limited [CIN: U74899DL1993PTC054127] (“Corporate Debtor”)

2. The Corporate Debtor was incorporated on 21.06.1993, under the Companies Act, 1956 . Its registered office is at 109, 1^st Floor, Vardhman Mayur Market, CSC, Mayur Vihar, Phase III, Kondli Gharoli, New Delhi –110096. Therefore, this Bench has jurisdiction to deal with this petition.

3. The present petition was registered on 13.01.2024 before this Adjudicating Authority. It is submitted that the Corporate Debtor had defaulted the repayment of a total amount of Rs. 15,23,60,564/- (Rupees Fifteen Crores Twenty-Three Lakhs Sixty Thousand Five Hundred and Sixty Four) including 36% interest per annum, on December 1, 2023.

4. Ld. Counsel for the Applicant submits that:

a. The Financial Creditor is a Non-Banking Financial Company registered under Companies Act, 1956 . The Financial Creditor is carrying on its business as a Non-Bank