The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Aditi Health Oils Private Limited. The application was filed by JM Financial Asset Reconstruction Company Ltd., the financial creditor, due to the corporate debtor's default in paying a financial debt of Rs. 87,76,61,337/-. UCO Bank had initially granted and disbursed a loan of Rs. 39,25,000/- to the corporate debtor, which later became a Non-Performing Asset (NPA). UCO Bank assigned the right of recovery to the financial creditor.
UCO Bank granted and disbursed a loan of Rs. 39,25,000/- to M/s Aditi Health Oils Private Limited on 2012-06-30. The Corporate Debtor failed to repay the loan, leading UCO Bank to declare the account as NPA on 2012-10-31. UCO Bank assigned the right to recover the loan to JM Financial Asset Reconstruction Company Ltd. on 2014-03-31. JM Financial Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against M/s Aditi Health Oils Private Limited due to a default of Rs. 87,76,61,337/-. The Corporate Debtor raised defenses, including the claim being barred by limitation and the application not being filed by a duly authorized person. The Corporate Debtor also argued that recovery proceedings
…Sign in to view the parties.
UCO Bank granted and disbursed a loan of Rs.…
UCO Bank declared the loan account of M/s…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Aditi Health Oils Private Limited. The application was filed by JM Financial Asset Reconstruction Company Ltd., the financial creditor, due to the corporate debtor's default in paying a financial debt of Rs. 87,76,61,337/-. UCO Bank had initially granted and disbursed a loan of Rs. 39,25,000/- to the corporate debtor, which later became a Non-Performing Asset (NPA). UCO Bank assigned the right of recovery to the financial creditor.
UCO Bank granted and disbursed a loan of Rs. 39,25,000/- to M/s Aditi Health Oils Private Limited on 2012-06-30. The Corporate Debtor failed to repay the loan, leading UCO Bank to declare the account as NPA on 2012-10-31. UCO Bank assigned the right to recover the loan to JM Financial Asset Reconstruction Company Ltd. on 2014-03-31. JM Financial Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against M/s Aditi Health Oils Private Limited due to a default of Rs. 87,76,61,337/-. The Corporate Debtor raised defenses, including the claim being barred by limitation and the application not being filed by a duly authorized person. The Corporate Debtor also argued that recovery proceedings
…UCO Bank granted and disbursed a loan of Rs.…
UCO Bank declared the loan account of M/s…