The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Standard Chartered Bank, the Financial Creditor, against Bawree Fashions Private Limited, the Corporate Debtor. The petition was filed due to the corporate debtor's default in repaying ₹54,44,00,643 against various loans availed. The Corporate Debtor had filed Intervening Applications (IA 24/2018 and 26/2018) seeking dismissal of the company petition, arguing lack of jurisdiction and citing a pending civil suit. The petitioner bank sanctioned various facilities through a letter dated March 21, 2016, to provide loan of ₹56,47,00,000 through overdraft facility amounting to ₹21,50,00,000 (in which working capital demand loan-1 amounting to ₹17,20,00,000);
…Standard Chartered Bank sanctioned loan facilities to Bawree Fashions Private Limited totaling ₹56,47,00,000, disbursed between March and August 2016. The facilities included overdraft facilities, term loans, and working capital demand loans. The Corporate Debtor executed Master credit terms on March 30, 2016, and a deed of hypothecation on March 30, 2016, and an Indenture of Mortgage dated July 1, 2016. The Corporate Debtor defaulted on repayments from May 2017 onwards, leading to the account being declared a Non-Performing Asset (NPA) on September 1, 2017. The outstanding amount was ₹54,44,00,643. The bank issued a recall letter on November 30, 2017, and a notice for invocation of personal and corporate guarantees on December 7, 2017. The Corporate Debtor filed a
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Standard Chartered Bank sanctioned loan…
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The case pertains to a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, by Standard Chartered Bank, the Financial Creditor, against Bawree Fashions Private Limited, the Corporate Debtor. The petition was filed due to the corporate debtor's default in repaying ₹54,44,00,643 against various loans availed. The Corporate Debtor had filed Intervening Applications (IA 24/2018 and 26/2018) seeking dismissal of the company petition, arguing lack of jurisdiction and citing a pending civil suit. The petitioner bank sanctioned various facilities through a letter dated March 21, 2016, to provide loan of ₹56,47,00,000 through overdraft facility amounting to ₹21,50,00,000 (in which working capital demand loan-1 amounting to ₹17,20,00,000);
…Standard Chartered Bank sanctioned loan facilities to Bawree Fashions Private Limited totaling ₹56,47,00,000, disbursed between March and August 2016. The facilities included overdraft facilities, term loans, and working capital demand loans. The Corporate Debtor executed Master credit terms on March 30, 2016, and a deed of hypothecation on March 30, 2016, and an Indenture of Mortgage dated July 1, 2016. The Corporate Debtor defaulted on repayments from May 2017 onwards, leading to the account being declared a Non-Performing Asset (NPA) on September 1, 2017. The outstanding amount was ₹54,44,00,643. The bank issued a recall letter on November 30, 2017, and a notice for invocation of personal and corporate guarantees on December 7, 2017. The Corporate Debtor filed a
…Standard Chartered Bank sanctioned loan…
The Corporate Debtor…