This case involves an application filed by Corporation Bank, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Belgium Aluminium & Glass Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed on 27.05.2019. The applicant bank had extended a loan to the corporate debtor for ₹25,00,00,000/-, vide its sanction letters dated 27.01.2016 and revised the said limits vide its letter dated 25.05.2018. The account of the Corporate Debtor was declared Non-Performing Asset (NPA) on 16.07.2018.
Corporation Bank filed an application under Section 7 of the I&B Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Belgium Aluminium & Glass Industries Private Limited. The application was filed on 27.05.2019. Corporation Bank had extended a loan of ₹25,00,00,000/- to the Corporate Debtor, sanctioned on 27.01.2016 and revised on 25.05.2018. The Corporate Debtor's account was declared an NPA on 16.07.2018. The outstanding amount, including interest, was ₹16,45,64,027.34/- as of 01.08.2017, and ₹18,76,36,277/- as of 30.04.2019. The Corporate Debtor admitted its liability of ₹17,28,94,785.34 as on 12.12.2018. The Corporate Debtor was served with a court notice but did not make any representation before the Tribunal. The applicant
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Corporation Bank sanctioned a loan of…
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This case involves an application filed by Corporation Bank, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Belgium Aluminium & Glass Industries Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed on 27.05.2019. The applicant bank had extended a loan to the corporate debtor for ₹25,00,00,000/-, vide its sanction letters dated 27.01.2016 and revised the said limits vide its letter dated 25.05.2018. The account of the Corporate Debtor was declared Non-Performing Asset (NPA) on 16.07.2018.
Corporation Bank filed an application under Section 7 of the I&B Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Belgium Aluminium & Glass Industries Private Limited. The application was filed on 27.05.2019. Corporation Bank had extended a loan of ₹25,00,00,000/- to the Corporate Debtor, sanctioned on 27.01.2016 and revised on 25.05.2018. The Corporate Debtor's account was declared an NPA on 16.07.2018. The outstanding amount, including interest, was ₹16,45,64,027.34/- as of 01.08.2017, and ₹18,76,36,277/- as of 30.04.2019. The Corporate Debtor admitted its liability of ₹17,28,94,785.34 as on 12.12.2018. The Corporate Debtor was served with a court notice but did not make any representation before the Tribunal. The applicant
…Corporation Bank sanctioned a loan of…
Corporation Bank revised the loan limits to…