Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bansal Refineries Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's failure to repay credit facilities sanctioned by the bank, which had been enhanced over time. The bank claimed a default of Rs. 11,51,88,197.78, inclusive of interest, as of 30.11.2015. The corporate debtor had acknowledged the debt and created security interests in favor of the bank. The corporate debtor failed to maintain the accounts in a regular manner, leading to the account being classified as NPA. The financial creditor had also filed an application under section 19 of Recovery of Debts Due to
…Corporation Bank sanctioned credit facilities to Bansal Refineries Private Limited, which were enhanced over time. The facilities were secured by equitable mortgage of immovable property and hypothecation of movable assets. The Corporate Debtor executed a continuity letter and deposited title deeds with the Financial Creditor. The Corporate Debtor failed to maintain accounts properly, leading to the account being classified as NPA. The Financial Creditor served a demand notice and filed an application under the RDDBFI Act. The Corporate Debtor acknowledged the borrowing and created security interests. The total amount due, including interest, was Rs. 18,69,62,595.78 as of 30th November, 2018. The Corporate Debtor defaulted on payments, leading the Financial Creditor to
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Financial Creditor Bank…
Corporate Debtor approached for renewal of…
Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bansal Refineries Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the corporate debtor's failure to repay credit facilities sanctioned by the bank, which had been enhanced over time. The bank claimed a default of Rs. 11,51,88,197.78, inclusive of interest, as of 30.11.2015. The corporate debtor had acknowledged the debt and created security interests in favor of the bank. The corporate debtor failed to maintain the accounts in a regular manner, leading to the account being classified as NPA. The financial creditor had also filed an application under section 19 of Recovery of Debts Due to
…Corporation Bank sanctioned credit facilities to Bansal Refineries Private Limited, which were enhanced over time. The facilities were secured by equitable mortgage of immovable property and hypothecation of movable assets. The Corporate Debtor executed a continuity letter and deposited title deeds with the Financial Creditor. The Corporate Debtor failed to maintain accounts properly, leading to the account being classified as NPA. The Financial Creditor served a demand notice and filed an application under the RDDBFI Act. The Corporate Debtor acknowledged the borrowing and created security interests. The total amount due, including interest, was Rs. 18,69,62,595.78 as of 30th November, 2018. The Corporate Debtor defaulted on payments, leading the Financial Creditor to
…Financial Creditor Bank…
Corporate Debtor approached for renewal of…