Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Agnipa Energy Private Limited for initiating Corporate Insolvency Resolution Process (CIRP). The bank claimed that it had sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to the corporate debtor in 2013. The corporate debtor defaulted on repayment, leading to the account being declared a Non-Performing Asset (NPA) on 30.04.2018. The bank initiated measures under the SARFAESI Act and also filed an Original Application with the Debts Recovery Tribunal (DRT).
Bank of India sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to M/s Agnipa Energy Private Limited in 2013. The Corporate Debtor (CD) executed necessary loan documents and created an Equitable Mortgage of immovable properties and Hypothecation of movable properties in favor of the Bank. The CD defaulted on repayment, and the loan account was declared an NPA on 30.04.2018. The Bank initiated measures under the SARFAESI Act, including issuing a demand notice and disposing of some mortgaged properties. The Bank also filed Original Application O.A.438 of 2018 with the Debts Recovery Tribunal (DRT), Guwahati. The CD claimed to have suffered losses due to the Bank's failure to obtain a comprehensive insurance policy, leading to the
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Bank of India sanctioned a Cash Credit facility…
The loan account of M/s Agnipa Energy Pvt.…
Bank of India filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against M/s Agnipa Energy Private Limited for initiating Corporate Insolvency Resolution Process (CIRP). The bank claimed that it had sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to the corporate debtor in 2013. The corporate debtor defaulted on repayment, leading to the account being declared a Non-Performing Asset (NPA) on 30.04.2018. The bank initiated measures under the SARFAESI Act and also filed an Original Application with the Debts Recovery Tribunal (DRT).
Bank of India sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to M/s Agnipa Energy Private Limited in 2013. The Corporate Debtor (CD) executed necessary loan documents and created an Equitable Mortgage of immovable properties and Hypothecation of movable properties in favor of the Bank. The CD defaulted on repayment, and the loan account was declared an NPA on 30.04.2018. The Bank initiated measures under the SARFAESI Act, including issuing a demand notice and disposing of some mortgaged properties. The Bank also filed Original Application O.A.438 of 2018 with the Debts Recovery Tribunal (DRT), Guwahati. The CD claimed to have suffered losses due to the Bank's failure to obtain a comprehensive insurance policy, leading to the
…Bank of India sanctioned a Cash Credit facility…
The loan account of M/s Agnipa Energy Pvt.…