The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Bank of Baroda ('the Creditor Bank') for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s. C A V Cotton Mills Private Limited ('Corporate Debtor'). The Corporate Debtor defaulted in making repayment of ₹10,74,64,650 as on 30.06.2019. The Creditor Bank had sanctioned a working capital limit of ₹6.50 crores to the Corporate Debtor on 10.11.2009. The Corporate Debtor entered into a Credit Facility Agreement with the Creditor Bank on 30.11.2009, providing various securities. The Corporate Debtor also executed a Demand Promissory Note for ₹6.50 crores and other related documents. The Corporate Debtor acknowledged the debt on 30.10.2012 and
…M/s. C A V Cotton Mills Private Limited (Corporate Debtor) defaulted on a repayment of ₹10,74,64,650 to Bank of Baroda (Creditor Bank) as of 30.06.2019. The Creditor Bank had sanctioned a working capital limit of ₹6.50 crores to the Corporate Debtor on 10.11.2009. A Credit Facility Agreement was entered into on 30.11.2009, with securities provided. The Corporate Debtor executed a Demand Promissory Note for ₹6.50 crores on 30.11.2009. The Corporate Debtor acknowledged the debt on 30.10.2012 and 17.06.2015. Part payments of ₹43,83,748 and ₹9,84,182 were made on 12.04.2017 and 05.05.2018, respectively. The account was declared NPA on 29.01.2016. The Creditor Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate
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Creditor Bank issued a letter sanctioning a…
Corporate Debtor…
The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Bank of Baroda ('the Creditor Bank') for initiation of Corporate Insolvency Resolution Process ('CIRP') against M/s. C A V Cotton Mills Private Limited ('Corporate Debtor'). The Corporate Debtor defaulted in making repayment of ₹10,74,64,650 as on 30.06.2019. The Creditor Bank had sanctioned a working capital limit of ₹6.50 crores to the Corporate Debtor on 10.11.2009. The Corporate Debtor entered into a Credit Facility Agreement with the Creditor Bank on 30.11.2009, providing various securities. The Corporate Debtor also executed a Demand Promissory Note for ₹6.50 crores and other related documents. The Corporate Debtor acknowledged the debt on 30.10.2012 and
…M/s. C A V Cotton Mills Private Limited (Corporate Debtor) defaulted on a repayment of ₹10,74,64,650 to Bank of Baroda (Creditor Bank) as of 30.06.2019. The Creditor Bank had sanctioned a working capital limit of ₹6.50 crores to the Corporate Debtor on 10.11.2009. A Credit Facility Agreement was entered into on 30.11.2009, with securities provided. The Corporate Debtor executed a Demand Promissory Note for ₹6.50 crores on 30.11.2009. The Corporate Debtor acknowledged the debt on 30.10.2012 and 17.06.2015. Part payments of ₹43,83,748 and ₹9,84,182 were made on 12.04.2017 and 05.05.2018, respectively. The account was declared NPA on 29.01.2016. The Creditor Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate
…Creditor Bank issued a letter sanctioning a…
Corporate Debtor…