Axis Bank Ltd., a Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against Krishna Ganga Spinning Mills Ltd., a Corporate Debtor, for defaulting on a debt of Rs. 34,07,53,683/-.
The Corporate Debtor defaulted on credit facilities availed from the Financial Creditor, leading to the account being classified as NPA on 23.11.2024.
The Financial Creditor issued a recall-cum-guarantee invocation notice to the Corporate Debtor on 15.02.2025, which was received on 18.02.2025.
The amount of debt is more than Rupees one crore.
The Financial Creditor proposed the name of Rajesh Chillale as the Interim Resolution Professional (IRP).
The Corporate Debtor raised objections regarding the maintainability of the petition due to issues with the power of attorney of the Financial Creditor's representative.
The Financial Creditor submitted documents, including the power of attorney, board resolutions, and financial records, to support the petition.
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The Corporate Debtor approached the Financial…
The Financial Creditor…
Axis Bank Ltd., a Financial Creditor, filed a petition under Section 7 of the IBC, 2016 against Krishna Ganga Spinning Mills Ltd., a Corporate Debtor, for defaulting on a debt of Rs. 34,07,53,683/-.
The Corporate Debtor defaulted on credit facilities availed from the Financial Creditor, leading to the account being classified as NPA on 23.11.2024.
The Financial Creditor issued a recall-cum-guarantee invocation notice to the Corporate Debtor on 15.02.2025, which was received on 18.02.2025.
The amount of debt is more than Rupees one crore.
The Financial Creditor proposed the name of Rajesh Chillale as the Interim Resolution Professional (IRP).
The Corporate Debtor raised objections regarding the maintainability of the petition due to issues with the power of attorney of the Financial Creditor's representative.
The Financial Creditor submitted documents, including the power of attorney, board resolutions, and financial records, to support the petition.
…The Corporate Debtor approached the Financial…
The Financial Creditor…