The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s. Aeon Paper Mills Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application seeks the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP). The Financial Creditor, Canara Bank, opposed the application, citing ongoing SARFAESI proceedings to recover outstanding dues.
M/s. Aeon Paper Mills Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed loan facilities from Canara Bank, the Financial Creditor. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to classify the loan accounts as Non-Performing Assets (NPA) on 2012-08-21. The Financial Creditor initiated action under the SARFAESI Act, 2002, issuing notices for recovery of dues. The outstanding debt owed to Canara Bank was Rs. 28,02,05,958. The Corporate Debtor placed on record sanction letters for term loans and working capital facilities. The Financial Creditor had also restructured
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Financial Creditor issued a Sanction Letter…
Financial Creditor issued another Sanction…
The case involves an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s. Aeon Paper Mills Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The application seeks the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP). The Financial Creditor, Canara Bank, opposed the application, citing ongoing SARFAESI proceedings to recover outstanding dues.
M/s. Aeon Paper Mills Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed loan facilities from Canara Bank, the Financial Creditor. The Corporate Debtor defaulted on repayment, leading the Financial Creditor to classify the loan accounts as Non-Performing Assets (NPA) on 2012-08-21. The Financial Creditor initiated action under the SARFAESI Act, 2002, issuing notices for recovery of dues. The outstanding debt owed to Canara Bank was Rs. 28,02,05,958. The Corporate Debtor placed on record sanction letters for term loans and working capital facilities. The Financial Creditor had also restructured
…Financial Creditor issued a Sanction Letter…
Financial Creditor issued another Sanction…