International Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Aditi Oil Extraction Private Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in paying a financial debt of Rs. 19,81,81,982/-. Allahabad Bank had previously granted and disbursed a loan of Rs. 5 crores to the corporate debtor, which was later declared NPA on 14.12.2011. The debt was assigned to the financial creditor on 11.02.2014.
International Asset Reconstruction Company Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aditi Oil Extraction Private Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's default in paying a financial debt of Rs. 19,81,81,982/-. Allahabad Bank had granted a loan of Rs. 5 crores to the Corporate Debtor, which was later declared a Non-Performing Asset (NPA) on 14.12.2011. On 26.12.2011, the bank served a notice under Section 13(2) of the SARFAESI Act. The debt was assigned to the Financial Creditor on 11.02.2014. The Financial Creditor then filed a recovery proceeding in DRT, Kolkata, which is pending. The
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Allahabad Bank declared the loan account of…
Allahabad Bank served a notice on Aditi Oil…
International Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Aditi Oil Extraction Private Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in paying a financial debt of Rs. 19,81,81,982/-. Allahabad Bank had previously granted and disbursed a loan of Rs. 5 crores to the corporate debtor, which was later declared NPA on 14.12.2011. The debt was assigned to the financial creditor on 11.02.2014.
International Asset Reconstruction Company Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aditi Oil Extraction Private Ltd. (Corporate Debtor). The basis for the application was the Corporate Debtor's default in paying a financial debt of Rs. 19,81,81,982/-. Allahabad Bank had granted a loan of Rs. 5 crores to the Corporate Debtor, which was later declared a Non-Performing Asset (NPA) on 14.12.2011. On 26.12.2011, the bank served a notice under Section 13(2) of the SARFAESI Act. The debt was assigned to the Financial Creditor on 11.02.2014. The Financial Creditor then filed a recovery proceeding in DRT, Kolkata, which is pending. The
…Allahabad Bank declared the loan account of…
Allahabad Bank served a notice on Aditi Oil…