The case involves an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Careway Agro Procurement Pvt. Ltd. The bank claims that the corporate debtor defaulted on financial debts. The application was filed under the Insolvency and Bankruptcy Code, 2016 (Application to Adjudicating Authority) Rules, 2016. Mr. Rameshwar Dayal had previously filed an application against the corporate debtor before the same tribunal.
Bank of India filed an application under Section 7 of the IBC, 2016, against Careway Agro Procurement Pvt. Ltd., claiming a default on financial debt. The bank's application was supported by documents, including the application itself, a certificate of charges issued by the Registrar of Companies (ROC), and the corporate debtor's financial statement. The corporate debtor had initially been sanctioned a cash credit of Rs. 4 crores on 2012-12-27. This was later enhanced to Rs. 15.00 crores on 2013-09-25. The amount claimed by the bank was Rs. 13,46,59,953.00 as on 2018-12-15, along with pendentelite interest and other charges. The date of default for both the cash credit and overdraft facilities was stated as 2015-12-31. The amount in default for cash credit was Rs.
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Rs. 4 crores cash…
Existing credit…
The case involves an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against Careway Agro Procurement Pvt. Ltd. The bank claims that the corporate debtor defaulted on financial debts. The application was filed under the Insolvency and Bankruptcy Code, 2016 (Application to Adjudicating Authority) Rules, 2016. Mr. Rameshwar Dayal had previously filed an application against the corporate debtor before the same tribunal.
Bank of India filed an application under Section 7 of the IBC, 2016, against Careway Agro Procurement Pvt. Ltd., claiming a default on financial debt. The bank's application was supported by documents, including the application itself, a certificate of charges issued by the Registrar of Companies (ROC), and the corporate debtor's financial statement. The corporate debtor had initially been sanctioned a cash credit of Rs. 4 crores on 2012-12-27. This was later enhanced to Rs. 15.00 crores on 2013-09-25. The amount claimed by the bank was Rs. 13,46,59,953.00 as on 2018-12-15, along with pendentelite interest and other charges. The date of default for both the cash credit and overdraft facilities was stated as 2015-12-31. The amount in default for cash credit was Rs.
…Rs. 4 crores cash…
Existing credit…