The case pertains to an Insolvency and Bankruptcy Application (IBA) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by CFM Asset Reconstruction Private Limited, the Financial Creditor, against Core Indo Ispat Private Limited, the Corporate Debtor. The Corporate Debtor defaulted on a repayment of ₹25,43,16,355.85 as of 2018-12-03. The Financial Creditor initiated the Corporate Insolvency Resolution Process (CIRP).
CFM Asset Reconstruction Private Limited filed an Insolvency and Bankruptcy Application (IBA) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Core Indo Ispat Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Core Indo Ispat Private Limited defaulted on a repayment of ₹25,43,16,355.85 as of 2018-12-03. Indus Ind Bank had sanctioned credit facilities to Core Indo Ispat Private Limited for ₹25,00,00,000 for working capital. The Corporate Debtor failed to repay the loan, leading Indus Ind Bank to issue a demand notice on 2018-05-04 for ₹23,42,42,946. The account was classified as a Non-Performing Asset (NPA) on 2016-09-30. Indus Ind Bank assigned the debt to CFM Asset Reconstruction Private Limited through
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Corporate Debtor executed Master General Terms…
The Promoters-Directors of the debtor company…
The case pertains to an Insolvency and Bankruptcy Application (IBA) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by CFM Asset Reconstruction Private Limited, the Financial Creditor, against Core Indo Ispat Private Limited, the Corporate Debtor. The Corporate Debtor defaulted on a repayment of ₹25,43,16,355.85 as of 2018-12-03. The Financial Creditor initiated the Corporate Insolvency Resolution Process (CIRP).
CFM Asset Reconstruction Private Limited filed an Insolvency and Bankruptcy Application (IBA) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Core Indo Ispat Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Core Indo Ispat Private Limited defaulted on a repayment of ₹25,43,16,355.85 as of 2018-12-03. Indus Ind Bank had sanctioned credit facilities to Core Indo Ispat Private Limited for ₹25,00,00,000 for working capital. The Corporate Debtor failed to repay the loan, leading Indus Ind Bank to issue a demand notice on 2018-05-04 for ₹23,42,42,946. The account was classified as a Non-Performing Asset (NPA) on 2016-09-30. Indus Ind Bank assigned the debt to CFM Asset Reconstruction Private Limited through
…Corporate Debtor executed Master General Terms…
The Promoters-Directors of the debtor company…