The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate Debtor due to their inability to liquidate the financial debt. The Corporate Debtor had availed a loan of Rs. 150 Crores from the Financial Creditor to facilitate its business of manufacturing forging machines and auto components. The Corporate Debtor failed to adhere to the repayment schedule, resulting in classification of the Loan Accounts as Non Performing Assets (NPA) on 26.12.2016. A notice dated 14.05.2018 was served on the Corporate Debtor, recalling the Loan Amount, but the Corporate Debtor failed to take necessary steps.
The Corporate Debtor, Clever Forgoing And Machining Pvt. Ltd, availed a loan of Rs. 150 Crores from Corporation Bank to facilitate its business of manufacturing forging machines and auto components. The Corporate Debtor failed to adhere to the repayment schedule, leading to the classification of the loan account as a Non-Performing Asset (NPA) on 26.12.2016. The outstanding loan amount in default is about Rs. 75,12,58,499. A notice dated 14.05.2018 was served on the Corporate Debtor, recalling the loan amount. The Corporate Debtor admitted its default and inability to liquidate its dues. This admission was a key factor in the court's decision to admit the petition for Corporate Insolvency Resolution Process.
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The Corporate Debtor entered into a Consortium…
The Loan Accounts were…
The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process against the Respondent/Corporate Debtor due to their inability to liquidate the financial debt. The Corporate Debtor had availed a loan of Rs. 150 Crores from the Financial Creditor to facilitate its business of manufacturing forging machines and auto components. The Corporate Debtor failed to adhere to the repayment schedule, resulting in classification of the Loan Accounts as Non Performing Assets (NPA) on 26.12.2016. A notice dated 14.05.2018 was served on the Corporate Debtor, recalling the Loan Amount, but the Corporate Debtor failed to take necessary steps.
The Corporate Debtor, Clever Forgoing And Machining Pvt. Ltd, availed a loan of Rs. 150 Crores from Corporation Bank to facilitate its business of manufacturing forging machines and auto components. The Corporate Debtor failed to adhere to the repayment schedule, leading to the classification of the loan account as a Non-Performing Asset (NPA) on 26.12.2016. The outstanding loan amount in default is about Rs. 75,12,58,499. A notice dated 14.05.2018 was served on the Corporate Debtor, recalling the loan amount. The Corporate Debtor admitted its default and inability to liquidate its dues. This admission was a key factor in the court's decision to admit the petition for Corporate Insolvency Resolution Process.
The Corporate Debtor entered into a Consortium…
The Loan Accounts were…