The appeal was filed by Katare Spinning Mills Limited (Corporate Debtor) against the order dated 17th July, 2020, passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, Court No. II in CP No. 3460/IBC/NCLT/MB/MAH/2018. The Adjudicating Authority had admitted the application filed by Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Bank of India, the Financial Creditor, filed an application under Section 7 of the IBC against Katare Spinning Mills Limited, the Corporate Debtor, on 30.08.2018, alleging a debt of INR 23.90 CR and default on 30.06.2015. The Adjudicating Authority allowed the application. Bank of India had sanctioned a term loan facility of Rs. 9,00,00,000/- and a cash credit facility of Rs. 6,00,00,000/- to the Corporate Debtor vide a sanction letter dated 14.08.2013. The Corporate Debtor's account was declared NPA on 31.03.2015. The Appellant availed Rs. 25 Crores from Bank of India on 14.08.2013 for modernization of existing units, working capital requirements, and a solar project. The Appellant implemented a solar project, but the Government of Maharashtra did not declare a grid
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Bank of India sanctioned term loan and cash…
Katare Spinning Mills Limited availed Rs. 25…
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The appeal was filed by Katare Spinning Mills Limited (Corporate Debtor) against the order dated 17th July, 2020, passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench, Court No. II in CP No. 3460/IBC/NCLT/MB/MAH/2018. The Adjudicating Authority had admitted the application filed by Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Bank of India, the Financial Creditor, filed an application under Section 7 of the IBC against Katare Spinning Mills Limited, the Corporate Debtor, on 30.08.2018, alleging a debt of INR 23.90 CR and default on 30.06.2015. The Adjudicating Authority allowed the application. Bank of India had sanctioned a term loan facility of Rs. 9,00,00,000/- and a cash credit facility of Rs. 6,00,00,000/- to the Corporate Debtor vide a sanction letter dated 14.08.2013. The Corporate Debtor's account was declared NPA on 31.03.2015. The Appellant availed Rs. 25 Crores from Bank of India on 14.08.2013 for modernization of existing units, working capital requirements, and a solar project. The Appellant implemented a solar project, but the Government of Maharashtra did not declare a grid
…Bank of India sanctioned term loan and cash…
Katare Spinning Mills Limited availed Rs. 25…
Sign in to view related legal provisions.