Rajradhe Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Decolight Ceramics Limited due to a default of Rs. 38,35,55,949.14/- as of 30.01.2024. The default is continuous from 30.09.2013.
Bank of India originally sanctioned credit facilities worth Rs. 27,35,00,000/- to Decolight Ceramics Limited.
The Corporate Debtor defaulted in repayments from 30.06.2013, and the account was classified as NPA on 30.09.2013.
Bank of India issued notices under Section 13(2) of the SARFAESI Act for recovery of outstanding dues.
Rajradhe Finance Limited acquired the debt from Bank of India via a deed of assignment dated 27.10.2020.
The Corporate Debtor acknowledged its debt in letters dated 05.04.2021 and 07.04.2023.
The respondent admitted the outstanding dues of Rs. 38,35,55,949.14/- and had no objection if the matter is admitted for CIRP against itself.
The applicant has proposed the name of Mr. Vikash Gautamchand Jain as Interim Resolution Professional.
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Corporate Debtor…
Account of Corporate…
Rajradhe Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Decolight Ceramics Limited due to a default of Rs. 38,35,55,949.14/- as of 30.01.2024. The default is continuous from 30.09.2013.
Bank of India originally sanctioned credit facilities worth Rs. 27,35,00,000/- to Decolight Ceramics Limited.
The Corporate Debtor defaulted in repayments from 30.06.2013, and the account was classified as NPA on 30.09.2013.
Bank of India issued notices under Section 13(2) of the SARFAESI Act for recovery of outstanding dues.
Rajradhe Finance Limited acquired the debt from Bank of India via a deed of assignment dated 27.10.2020.
The Corporate Debtor acknowledged its debt in letters dated 05.04.2021 and 07.04.2023.
The respondent admitted the outstanding dues of Rs. 38,35,55,949.14/- and had no objection if the matter is admitted for CIRP against itself.
The applicant has proposed the name of Mr. Vikash Gautamchand Jain as Interim Resolution Professional.
Corporate Debtor…
Account of Corporate…