The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Benara Automotives Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facilities from Kotak Mahindra Bank and Indusind Bank but failed to regularize the account, leading to its classification as a Non-Performing Asset (NPA) by the financial creditors. Indusind Bank had issued a notice under Section 13(2) of the SARFAESI Act, 2002.
Benara Automotives Pvt. Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. Benara Automotives Pvt. Ltd. had availed financial facilities from Kotak Mahindra Bank and Indusind Bank. Due to reasons beyond control, the Corporate Debtor failed to regularize its account, leading to its classification as NPA by the financial creditors. Indusind Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, dated 18.08.2018. The Corporate Applicant submitted documents evidencing the default, including a copy of the SARFAESI notice, a demand notice from the Customs Department, and audited balance sheets. The Respondents were given an opportunity to be heard but did not file a reply. The application was
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Indusind Bank issued a…
Board resolution passed…
The case pertains to a Company Petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Benara Automotives Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed financial facilities from Kotak Mahindra Bank and Indusind Bank but failed to regularize the account, leading to its classification as a Non-Performing Asset (NPA) by the financial creditors. Indusind Bank had issued a notice under Section 13(2) of the SARFAESI Act, 2002.
Benara Automotives Pvt. Ltd. filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. Benara Automotives Pvt. Ltd. had availed financial facilities from Kotak Mahindra Bank and Indusind Bank. Due to reasons beyond control, the Corporate Debtor failed to regularize its account, leading to its classification as NPA by the financial creditors. Indusind Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, dated 18.08.2018. The Corporate Applicant submitted documents evidencing the default, including a copy of the SARFAESI notice, a demand notice from the Customs Department, and audited balance sheets. The Respondents were given an opportunity to be heard but did not file a reply. The application was
…Indusind Bank issued a…
Board resolution passed…