Citibank NA filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Cosmic Ferro Alloys Ltd. Citibank NA claimed that Cosmic Ferro Alloys Ltd. had defaulted on a payment of Rs. 13,19,53,425.78. The corporate debtor, Cosmic Ferro Alloys Ltd., objected to the application, alleging abuse of process and suppression of material facts. The financial creditor, Citibank NA, argued that the corporate debtor had taken various financial credit facilities and defaulted on payments.
Citibank NA, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Cosmic Ferro Alloys Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's alleged default in making a payment of Rs. 13,19,53,425.78. The total debt granted and disbursed by Citibank NA to Cosmic Ferro Alloys Ltd. was Rs. 20,00,00,000 on 2011-10-10, which was later decreased to Rs. 12,00,00,000. The corporate debtor contested the application, claiming it was an abuse of the process of law and that the applicant had suppressed material facts. Citibank NA submitted that the corporate debtor had taken various financial credit facilities and defaulted on
…Sign in to view the parties.
Working capital consortium agreement dated…
Applicant stated that the total debt granted…
Citibank NA filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Cosmic Ferro Alloys Ltd. Citibank NA claimed that Cosmic Ferro Alloys Ltd. had defaulted on a payment of Rs. 13,19,53,425.78. The corporate debtor, Cosmic Ferro Alloys Ltd., objected to the application, alleging abuse of process and suppression of material facts. The financial creditor, Citibank NA, argued that the corporate debtor had taken various financial credit facilities and defaulted on payments.
Citibank NA, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Cosmic Ferro Alloys Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's alleged default in making a payment of Rs. 13,19,53,425.78. The total debt granted and disbursed by Citibank NA to Cosmic Ferro Alloys Ltd. was Rs. 20,00,00,000 on 2011-10-10, which was later decreased to Rs. 12,00,00,000. The corporate debtor contested the application, claiming it was an abuse of the process of law and that the applicant had suppressed material facts. Citibank NA submitted that the corporate debtor had taken various financial credit facilities and defaulted on
…Working capital consortium agreement dated…
Applicant stated that the total debt granted…