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 bank claimed that the corporate debtor had defaulted on credit facilities sanctioned and enhanced over time, leading to a loan account classified as NPA. The bank had also filed an application under section 19 of Recovery of Debts Due to Banking and Financial Institution (RDDBFI) Act, 1993 before the Ld. DRT - III, Kolkata for recovery of dues.
Corporation Bank sanctioned various 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 continuity letters and deposited title deeds with the Financial Creditor. On 11th November, 2013, the Corporate Debtor failed to maintain the accounts regularly, leading to the loan account being classified as NPA. The Financial Creditor served a demand notice on 7th December, 2015, and filed an application under section 19 of the RDDBFI Act, 1993, for recovery of Rs. 11,51,88,197.78 plus interest. The total amount due as of 30th November, 2018, was Rs. 18,69,62,595.78. The Corporate Debtor did not appear before
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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 bank claimed that the corporate debtor had defaulted on credit facilities sanctioned and enhanced over time, leading to a loan account classified as NPA. The bank had also filed an application under section 19 of Recovery of Debts Due to Banking and Financial Institution (RDDBFI) Act, 1993 before the Ld. DRT - III, Kolkata for recovery of dues.
Corporation Bank sanctioned various 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 continuity letters and deposited title deeds with the Financial Creditor. On 11th November, 2013, the Corporate Debtor failed to maintain the accounts regularly, leading to the loan account being classified as NPA. The Financial Creditor served a demand notice on 7th December, 2015, and filed an application under section 19 of the RDDBFI Act, 1993, for recovery of Rs. 11,51,88,197.78 plus interest. The total amount due as of 30th November, 2018, was Rs. 18,69,62,595.78. The Corporate Debtor did not appear before
…Financial Creditor Bank…
Corporate Debtor approached for renewal of…