The case involves an application filed by TJSB Sahakari Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), against Aireff De Tox Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application claims a total default of ₹14,38,62,488/- including interest as on 30.09.2018. The Financial Creditor sanctioned a credit facility to the Corporate Debtor, which the Corporate Debtor defaulted on after the expiry of the validity period. The Corporate Debtor failed to appear before the Bench.
TJSB Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aireff De Tox Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹14,38,62,488/- including interest as on 30.09.2018. The Financial Creditor had sanctioned a loan to the Corporate Debtor vide Sanction Letter No. 44/12 dated 01.12.2014, and the parties entered into a Facility Agreement dated 06.08.2014 and a Supplemental Facility Agreement dated 09.01.2015. The credit facility was renewed vide Sanction Letter No. 45/15 dated 27.11.2015. The Corporate Debtor defaulted in repayment of the credit facility after the expiry of the validity
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Applicant and Corporate…
Sanction Letter No.…
The case involves an application filed by TJSB Sahakari Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code), against Aireff De Tox Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application claims a total default of ₹14,38,62,488/- including interest as on 30.09.2018. The Financial Creditor sanctioned a credit facility to the Corporate Debtor, which the Corporate Debtor defaulted on after the expiry of the validity period. The Corporate Debtor failed to appear before the Bench.
TJSB Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aireff De Tox Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹14,38,62,488/- including interest as on 30.09.2018. The Financial Creditor had sanctioned a loan to the Corporate Debtor vide Sanction Letter No. 44/12 dated 01.12.2014, and the parties entered into a Facility Agreement dated 06.08.2014 and a Supplemental Facility Agreement dated 09.01.2015. The credit facility was renewed vide Sanction Letter No. 45/15 dated 27.11.2015. The Corporate Debtor defaulted in repayment of the credit facility after the expiry of the validity
…Applicant and Corporate…
Sanction Letter No.…