Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Associate Décor Limited. The petition was based on the corporate debtor's failure to commit a default of Rs. 128,60,01,812.05. Associate Décor Limited had availed various credit facilities from the Financial Creditor under a consortium arrangement. The account was classified as a non-performing asset on 31.01.2016. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 15.06.2017, followed by a legal notice dated 24.06.2017. The Corporate Debtor also filed W.P. No. 25907 of 2018 before the High Court of Karnataka, seeking a mandamus to direct the Respondents
…Oriental Bank of Commerce (OBC) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Associate Décor Limited due to a default of Rs. 128,60,01,812.05. OBC, a banking company, is the financial creditor. Associate Décor Limited, initially Star Panel Boards Limited, availed credit facilities from a consortium of banks, including OBC, Corporation Bank, and Bank of Baroda. The company's account was classified as a non-performing asset (NPA) on 31.01.2016. OBC issued a demand notice under Section 13(2) of SARFAESI Act on 15.06.2017, followed by a legal notice on 24.06.2017. The consortium leader, Corporation Bank, invoked pledged shares of the promoters and initiated a sale process. Associate Décor Limited filed a writ petition before the High
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Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Associate Décor Limited. The petition was based on the corporate debtor's failure to commit a default of Rs. 128,60,01,812.05. Associate Décor Limited had availed various credit facilities from the Financial Creditor under a consortium arrangement. The account was classified as a non-performing asset on 31.01.2016. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act on 15.06.2017, followed by a legal notice dated 24.06.2017. The Corporate Debtor also filed W.P. No. 25907 of 2018 before the High Court of Karnataka, seeking a mandamus to direct the Respondents
…Oriental Bank of Commerce (OBC) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Associate Décor Limited due to a default of Rs. 128,60,01,812.05. OBC, a banking company, is the financial creditor. Associate Décor Limited, initially Star Panel Boards Limited, availed credit facilities from a consortium of banks, including OBC, Corporation Bank, and Bank of Baroda. The company's account was classified as a non-performing asset (NPA) on 31.01.2016. OBC issued a demand notice under Section 13(2) of SARFAESI Act on 15.06.2017, followed by a legal notice on 24.06.2017. The consortium leader, Corporation Bank, invoked pledged shares of the promoters and initiated a sale process. Associate Décor Limited filed a writ petition before the High
…The account of…
Reference to the Order dated 15th May 2017…