Jammu & Kashmir Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited. The application was based on the corporate debtor's failure to repay outstanding dues. The applicant claimed a default 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 lack of representation 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 availed various credit facilities from the applicant bank in 2011, including packing credit limit, cash credit, post shipment credit, and a term loan, sanctioned vide letter dated 28.03.2011. Loan agreements and other security documents, including demand promissory notes, deeds of hypothecation, and personal guarantees, were executed. The facilities were modified/renewed from time to time, with the last renewal in 2015. As of 01.11.2018, a sum of Rs. 1,97,33,643.49/- was claimed to be
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M/s Ajaz Nanda…
Sanction lette…
Jammu & Kashmir Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Ajaz Nanda Designs Private Limited. The application was based on the corporate debtor's failure to repay outstanding dues. The applicant claimed a default 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 lack of representation 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 availed various credit facilities from the applicant bank in 2011, including packing credit limit, cash credit, post shipment credit, and a term loan, sanctioned vide letter dated 28.03.2011. Loan agreements and other security documents, including demand promissory notes, deeds of hypothecation, and personal guarantees, were executed. The facilities were modified/renewed from time to time, with the last renewal in 2015. As of 01.11.2018, a sum of Rs. 1,97,33,643.49/- was claimed to be
…M/s Ajaz Nanda…
Sanction lette…