Kotak Mahindra Bank Limited filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Arya Filaments Private Limited under the Insolvency and Bankruptcy Code, 2016. The application was filed due to the corporate debtor's failure to repay debts amounting to Rs. 10,11,39,137.42 as of 30.11.2017. Kotak Mahindra Bank had granted financial facilities to Arya Filaments Private Limited from 01.06.2011 onwards, which were periodically reviewed. The corporate debtor also availed financial facilities from Union Bank of India under consortium lending. The account was classified as NPA on 29th February, 2016.
Kotak Mahindra Bank Limited, established on 10.06.1991, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Arya Filaments Private Limited under the Insolvency and Bankruptcy Code, 2016. Arya Filaments Private Limited is a company registered under the Companies Act, 1956. Kotak Mahindra Bank had granted total debts of Rs. 9,20,00,000.00 to Arya Filaments Private Limited on 27th March, 2015. The date of default occurred on 29th February, 2016, with an outstanding amount of Rs. 10,11,39,137.42. The corporate debtor also availed financial facilities from Union Bank of India under consortium lending. The petitioner issued a loan recall notice dated 22.04.2016 and a statutory demand notice dated 09.05.2016. The petitioner sent letters to
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Kotak Mahindra Bank Limited sanctioned…
Corporate debtor availed revised financial…
Kotak Mahindra Bank Limited filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Arya Filaments Private Limited under the Insolvency and Bankruptcy Code, 2016. The application was filed due to the corporate debtor's failure to repay debts amounting to Rs. 10,11,39,137.42 as of 30.11.2017. Kotak Mahindra Bank had granted financial facilities to Arya Filaments Private Limited from 01.06.2011 onwards, which were periodically reviewed. The corporate debtor also availed financial facilities from Union Bank of India under consortium lending. The account was classified as NPA on 29th February, 2016.
Kotak Mahindra Bank Limited, established on 10.06.1991, filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Arya Filaments Private Limited under the Insolvency and Bankruptcy Code, 2016. Arya Filaments Private Limited is a company registered under the Companies Act, 1956. Kotak Mahindra Bank had granted total debts of Rs. 9,20,00,000.00 to Arya Filaments Private Limited on 27th March, 2015. The date of default occurred on 29th February, 2016, with an outstanding amount of Rs. 10,11,39,137.42. The corporate debtor also availed financial facilities from Union Bank of India under consortium lending. The petitioner issued a loan recall notice dated 22.04.2016 and a statutory demand notice dated 09.05.2016. The petitioner sent letters to
…Kotak Mahindra Bank Limited sanctioned…
Corporate debtor availed revised financial…