The Federal 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. Alba Industries Limited, the Corporate Debtor, due to a default of Rs.18,03,08,877.60 as of 07.11.2019. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned on 26.08.2015. The Corporate Debtor executed promissory notes and a security delivery letter. The Corporate Debtor defaulted on repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 27.08.2018. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 12.11.2018. The Corporate Debtor made some payments, but a total
…The Federal Bank Limited (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. Alba Industries Limited (Corporate Debtor). The basis for the application was a default in repayment of Rs.18,03,08,877.60 as of 07.11.2019. The Corporate Debtor had availed credit facilities from the Financial Creditor, sanctioned on 26.08.2015, including Packing Credit, FD/UBP, and a Term Loan. The Corporate Debtor executed promissory notes and a security delivery letter. The account was classified as a Non-Performing Asset (NPA) on 27.08.2018, following the default. A demand notice under Section 13(2) of the SARFAESI Act was issued on 12.11.2018. The Corporate Debtor
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The Financial Creditor sanctioned Packing…
The Corporate Debtor's account was classified…
The Federal 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. Alba Industries Limited, the Corporate Debtor, due to a default of Rs.18,03,08,877.60 as of 07.11.2019. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned on 26.08.2015. The Corporate Debtor executed promissory notes and a security delivery letter. The Corporate Debtor defaulted on repayment, leading to the account being classified as a Non-Performing Asset (NPA) on 27.08.2018. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 12.11.2018. The Corporate Debtor made some payments, but a total
…The Federal Bank Limited (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. Alba Industries Limited (Corporate Debtor). The basis for the application was a default in repayment of Rs.18,03,08,877.60 as of 07.11.2019. The Corporate Debtor had availed credit facilities from the Financial Creditor, sanctioned on 26.08.2015, including Packing Credit, FD/UBP, and a Term Loan. The Corporate Debtor executed promissory notes and a security delivery letter. The account was classified as a Non-Performing Asset (NPA) on 27.08.2018, following the default. A demand notice under Section 13(2) of the SARFAESI Act was issued on 12.11.2018. The Corporate Debtor
…The Financial Creditor sanctioned Packing…
The Corporate Debtor's account was classified…