The case pertains to a Company Petition filed by Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhareth Formulations Private Limited, the Corporate Debtor. The petition was filed due to the corporate debtor's default in repaying ₹23,32,93,675.78 against the various credit facilities sanctioned by the creditor.
Bank of India sanctioned credit facilities to Bhareth Formulations Private Limited amounting to ₹1515.81 lakhs on 2013-07-15. The debtor executed various loan and security documents between 2013-08-01 and 2013-08-14. The credit facilities were renewed on 2014-01-27 and 2015-03-10. The loan account was classified as NPA on 2015-06-01. The creditor bank issued a notice to the debtor on 2016-02-10 demanding repayment. The creditor bank initiated DRT proceedings, and DRT-II, Chennai, ordered the recovery of ₹17.98 crores on 2018-03-01. A Debt Recovery Certificate (DRC No. 190/2018) was issued on 2018-05-07. The debtor defaulted in repaying ₹23,32,93,675.78. The creditor bank filed sanction letters, demand promissory notes, and other documents in support of the claim
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The creditor sanctioned…
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The case pertains to a Company Petition filed by Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhareth Formulations Private Limited, the Corporate Debtor. The petition was filed due to the corporate debtor's default in repaying ₹23,32,93,675.78 against the various credit facilities sanctioned by the creditor.
Bank of India sanctioned credit facilities to Bhareth Formulations Private Limited amounting to ₹1515.81 lakhs on 2013-07-15. The debtor executed various loan and security documents between 2013-08-01 and 2013-08-14. The credit facilities were renewed on 2014-01-27 and 2015-03-10. The loan account was classified as NPA on 2015-06-01. The creditor bank issued a notice to the debtor on 2016-02-10 demanding repayment. The creditor bank initiated DRT proceedings, and DRT-II, Chennai, ordered the recovery of ₹17.98 crores on 2018-03-01. A Debt Recovery Certificate (DRC No. 190/2018) was issued on 2018-05-07. The debtor defaulted in repaying ₹23,32,93,675.78. The creditor bank filed sanction letters, demand promissory notes, and other documents in support of the claim
…The creditor sanctioned…
The debtor executed…