The appeal arises from an order dated 15.11.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in CP (IB) No.393/ND/2021, which admitted a Section 7 application filed by Asset Reconstruction Company (India) Limited (ARCIL) and initiated the Corporate Insolvency Resolution Process (CIRP) against Uday Estates Private Limited. Uday Estates Private Limited received financial facilities from Bank of Baroda through two term loans. As the Corporate Debtor could not adhere to the schedule of payment as per the loan agreements, the account of the Corporate Debtor was declared as Non-Performing Asset (NPA) on 31.12.2011. Thereafter, the Bank of Baroda sent a demand notice dated 11.6.2012 under Section 13(2) of the SARFAESI Act, 2002 demanding
…Uday Estates Private Limited received financial facilities from Bank of Baroda through two term loans: Term Loan I for Rs. 60 crores (agreement dated 28.7.2009) and Term Loan II for Rs. 13 crores (agreement dated 8.1.2011). The corporate debtor defaulted on payments, leading to the account being declared a Non-Performing Asset (NPA) on 31.12.2011. Bank of Baroda issued a demand notice on 11.6.2012 under Section 13(2) of the SARFAESI Act, demanding Rs. 79,93,84,596. On 13.3.2013, Bank of Baroda assigned the debt to Asset Reconstruction Company (India) Limited (ARCIL) under Section 5 of the SARFAESI Act. The Corporate Debtor filed an application under Section 17 of the SARFAESI Act before the Debt Recovery Tribunal (DRT), which directed the Corporate Debtor to pay dues
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Uday Estates Private…
Uday Estates Private…
The appeal arises from an order dated 15.11.2021 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi) in CP (IB) No.393/ND/2021, which admitted a Section 7 application filed by Asset Reconstruction Company (India) Limited (ARCIL) and initiated the Corporate Insolvency Resolution Process (CIRP) against Uday Estates Private Limited. Uday Estates Private Limited received financial facilities from Bank of Baroda through two term loans. As the Corporate Debtor could not adhere to the schedule of payment as per the loan agreements, the account of the Corporate Debtor was declared as Non-Performing Asset (NPA) on 31.12.2011. Thereafter, the Bank of Baroda sent a demand notice dated 11.6.2012 under Section 13(2) of the SARFAESI Act, 2002 demanding
…Uday Estates Private Limited received financial facilities from Bank of Baroda through two term loans: Term Loan I for Rs. 60 crores (agreement dated 28.7.2009) and Term Loan II for Rs. 13 crores (agreement dated 8.1.2011). The corporate debtor defaulted on payments, leading to the account being declared a Non-Performing Asset (NPA) on 31.12.2011. Bank of Baroda issued a demand notice on 11.6.2012 under Section 13(2) of the SARFAESI Act, demanding Rs. 79,93,84,596. On 13.3.2013, Bank of Baroda assigned the debt to Asset Reconstruction Company (India) Limited (ARCIL) under Section 5 of the SARFAESI Act. The Corporate Debtor filed an application under Section 17 of the SARFAESI Act before the Debt Recovery Tribunal (DRT), which directed the Corporate Debtor to pay dues
…Uday Estates Private…
Uday Estates Private…