Dena Bank (now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Aswaraj Infra Private Limited, the Corporate Debtor. The petition was regarding the default in repayment of financial facilities sanctioned by the bank. The bank had sanctioned financial facilities to the tune of Rs. 11.85 Crores on 26.03.2013, which included a fresh sanction of working capital limit, a letter of credit, and a term loan for machinery. The Corporate Debtor was classified as NPA on 31.05.2015.
Dena Bank (now Bank of Baroda) sanctioned financial facilities of Rs. 11.85 Crores to Aswaraj Infra Private Limited on 26.03.2013. These facilities included a working capital limit of Rs. 2,50,00,000/-, a letter of credit for Rs. 3,75,00,000/-, and a term loan for machinery of Rs. 5,60,00,000/-. The Corporate Debtor, Aswaraj Infra Private Limited, was incorporated on 27.09.2010 under the Companies Act, 1956. The Corporate Debtor's account was classified as NPA on 31.05.2015. The bank issued demand notices under the SARFAESI Act on 24.07.2015 and 22.10.2018, with an outstanding amount of Rs. 17,98,61,001.10/-. The loans were secured by an equitable mortgage of property and hypothecation of movable assets. M/s. Sharp Industries Limited provided a corporate guarantee. The
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Petitioner Bank…
The Corporate…
Dena Bank (now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Aswaraj Infra Private Limited, the Corporate Debtor. The petition was regarding the default in repayment of financial facilities sanctioned by the bank. The bank had sanctioned financial facilities to the tune of Rs. 11.85 Crores on 26.03.2013, which included a fresh sanction of working capital limit, a letter of credit, and a term loan for machinery. The Corporate Debtor was classified as NPA on 31.05.2015.
Dena Bank (now Bank of Baroda) sanctioned financial facilities of Rs. 11.85 Crores to Aswaraj Infra Private Limited on 26.03.2013. These facilities included a working capital limit of Rs. 2,50,00,000/-, a letter of credit for Rs. 3,75,00,000/-, and a term loan for machinery of Rs. 5,60,00,000/-. The Corporate Debtor, Aswaraj Infra Private Limited, was incorporated on 27.09.2010 under the Companies Act, 1956. The Corporate Debtor's account was classified as NPA on 31.05.2015. The bank issued demand notices under the SARFAESI Act on 24.07.2015 and 22.10.2018, with an outstanding amount of Rs. 17,98,61,001.10/-. The loans were secured by an equitable mortgage of property and hypothecation of movable assets. M/s. Sharp Industries Limited provided a corporate guarantee. The
…Petitioner Bank…
The Corporate…