Union Bank of India filed a petition as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Ashoka Maltiyarn Mills Ltd. due to its inability to pay its debt. The Corporate Debtor had availed various credit facilities and defaulted on repayments, leading to the account being declared a Non-Performing Asset on 2015-06-30. The Financial Creditor recalled all the limits and issued a notice under Section 13(2) of the SARFAESI Act. A recovery suit was also pending before DRT-1, Kolkata.
Union Bank of India, a scheduled bank, filed a petition against Ashoka Maltiyarn Mills Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Ashoka Maltiyarn Mills Ltd. had availed various credit facilities from Union Bank of India. As security for the loans, the Corporate Debtor executed various documents, including personal guarantees and deeds of hypothecation. The Corporate Debtor defaulted in making timely remittances, leading to the account being declared a Non-Performing Asset on 2015-06-30. Union Bank of India issued a notice under Section 13(2) of the SARFAESI Act and filed a recovery suit before DRT-1, Kolkata. The total outstanding liability as of 2017-08-31 was Rs. 25,93,84,046.73. The Corporate Debtor acknowledged the debt through balance
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The account of Ashoka…
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Union Bank of India filed a petition as a Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against Ashoka Maltiyarn Mills Ltd. due to its inability to pay its debt. The Corporate Debtor had availed various credit facilities and defaulted on repayments, leading to the account being declared a Non-Performing Asset on 2015-06-30. The Financial Creditor recalled all the limits and issued a notice under Section 13(2) of the SARFAESI Act. A recovery suit was also pending before DRT-1, Kolkata.
Union Bank of India, a scheduled bank, filed a petition against Ashoka Maltiyarn Mills Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. Ashoka Maltiyarn Mills Ltd. had availed various credit facilities from Union Bank of India. As security for the loans, the Corporate Debtor executed various documents, including personal guarantees and deeds of hypothecation. The Corporate Debtor defaulted in making timely remittances, leading to the account being declared a Non-Performing Asset on 2015-06-30. Union Bank of India issued a notice under Section 13(2) of the SARFAESI Act and filed a recovery suit before DRT-1, Kolkata. The total outstanding liability as of 2017-08-31 was Rs. 25,93,84,046.73. The Corporate Debtor acknowledged the debt through balance
…The account of Ashoka…
The total outstanding…