The case pertains to an application filed by Bank of Maharashtra under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D.S. Kulkarni Developers Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities to the corporate debtor, which subsequently defaulted on its repayment obligations. The bank classified the account as a Non-Performing Asset (NPA) and initiated recovery proceedings before the Debts Recovery Tribunal (DRT).
Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D.S. Kulkarni Developers Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities aggregating to ₹92,92,06,014/- to the corporate debtor, as per a sanction letter dated 24.02.2016. The date of default was 29.07.2017, and the amount in default was ₹119,48,89,348/-, including unapplied interest. The credit facilities were secured, and the charge was registered in favor of the bank. The bank issued a notice under Section 13(2) of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, classifying the account as a Non-Performing Asset (NPA) on
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The Applicant had sanctioned certain…
The account of the…
The case pertains to an application filed by Bank of Maharashtra under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D.S. Kulkarni Developers Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities to the corporate debtor, which subsequently defaulted on its repayment obligations. The bank classified the account as a Non-Performing Asset (NPA) and initiated recovery proceedings before the Debts Recovery Tribunal (DRT).
Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D.S. Kulkarni Developers Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The bank had sanctioned credit facilities aggregating to ₹92,92,06,014/- to the corporate debtor, as per a sanction letter dated 24.02.2016. The date of default was 29.07.2017, and the amount in default was ₹119,48,89,348/-, including unapplied interest. The credit facilities were secured, and the charge was registered in favor of the bank. The bank issued a notice under Section 13(2) of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, classifying the account as a Non-Performing Asset (NPA) on
…The Applicant had sanctioned certain…
The account of the…