The case involves an application filed by Bank of India, the Financial Creditor, against M/s. Aeon Manufacturing Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned credit limits to the Corporate Debtor, which were duly disbursed. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as NPA. Despite a demand notice, the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor had mortgaged its assets to the Financial Creditor.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Aeon Manufacturing Pvt. Ltd., the Corporate Debtor. The Financial Creditor had sanctioned credit limits of Rs. 70 Crores to the Corporate Debtor on 2012-07-20, which were duly disbursed. The Corporate Debtor defaulted on 2016-03-31, and the loan account was classified as NPA on 2016-06-30. A demand notice was issued on 2018-02-08, but the Corporate Debtor failed to pay Rs. 74,28,51,444.72. The Corporate Debtor had mortgaged its assets to the Financial Creditor. The Corporate Debtor made an upfront payment of Rs. 50 Lakh on 2018-07-02, relating to an OTS proposal. The Corporate
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The case involves an application filed by Bank of India, the Financial Creditor, against M/s. Aeon Manufacturing Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had sanctioned credit limits to the Corporate Debtor, which were duly disbursed. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as NPA. Despite a demand notice, the Corporate Debtor failed to pay the outstanding amount. The Corporate Debtor had mortgaged its assets to the Financial Creditor.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Aeon Manufacturing Pvt. Ltd., the Corporate Debtor. The Financial Creditor had sanctioned credit limits of Rs. 70 Crores to the Corporate Debtor on 2012-07-20, which were duly disbursed. The Corporate Debtor defaulted on 2016-03-31, and the loan account was classified as NPA on 2016-06-30. A demand notice was issued on 2018-02-08, but the Corporate Debtor failed to pay Rs. 74,28,51,444.72. The Corporate Debtor had mortgaged its assets to the Financial Creditor. The Corporate Debtor made an upfront payment of Rs. 50 Lakh on 2018-07-02, relating to an OTS proposal. The Corporate
…The Financial Creditor…
The Corporate Debtor…