The Jammu & Kashmir Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited, the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank claimed a total outstanding amount of Rs. 1,97,33,643.49/- as of 01.11.2018, along with further interest. The corporate debtor was proceeded against ex-parte due to their absence despite substituted service.
Jammu & Kashmir Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited, the corporate debtor. The corporate debtor had availed various credit facilities from the applicant bank in 2011, including packing credit limit, cash credit, post shipment credit, and a term loan. These facilities were renewed and modified over time, with the last renewal occurring in 2015. As of 01.11.2018, the total outstanding amount was Rs. 1,97,33,643.49/-, including interest. The corporate debtor's account was declared NPA on 31.03.2017, and a loan recall notice was issued on 01.04.2017. Despite the notice, the corporate
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M/s Ajaz Nanda…
Sanction letter issued…
The Jammu & Kashmir Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited, the corporate debtor. The application was filed due to the corporate debtor's failure to repay outstanding dues. The applicant bank claimed a total outstanding amount of Rs. 1,97,33,643.49/- as of 01.11.2018, along with further interest. The corporate debtor was proceeded against ex-parte due to their absence despite substituted service.
Jammu & Kashmir Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited, the corporate debtor. The corporate debtor had availed various credit facilities from the applicant bank in 2011, including packing credit limit, cash credit, post shipment credit, and a term loan. These facilities were renewed and modified over time, with the last renewal occurring in 2015. As of 01.11.2018, the total outstanding amount was Rs. 1,97,33,643.49/-, including interest. The corporate debtor's account was declared NPA on 31.03.2017, and a loan recall notice was issued on 01.04.2017. Despite the notice, the corporate
…M/s Ajaz Nanda…
Sanction letter issued…