The case originates from an application filed by Indian Overseas Bank, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against D.C. Industrial Plant Services Pvt. Ltd., the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 151,19,77,120.91. The corporate debtor availed various loans from the financial creditor, executing multiple agreements including Inter se Agreements, Working Capital Consortium Agreements, Joint Deeds of Hypothecation, and Term Loan Agreements. The account was declared a Non-Performing Asset (NPA) on 29/10/2014 due to non-payment. The financial creditor issued demand notices, and
…Indian Overseas Bank (IOB), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against D.C. Industrial Plant Services Pvt. Ltd., the corporate debtor. The corporate debtor had availed various loans from IOB, executing Inter se Agreements dated 15/07/2006, Working Capital Consortium Agreements dated 15/07/2006, Joint Deeds of Hypothecation dated 15/07/2006, Supplemental Inter se Agreements dated 15/02/2008, First Supplemental Working Capital Consortium Agreements dated 15/02/2008, First Supplemental Joint Deed of Hypothecation dated 15/02/2008, and Term Loan Agreements dated 15/11/2010. The corporate debtor defaulted on repayment, leading to an
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The corporate debtor executed a Working Capital…
The case originates from an application filed by Indian Overseas Bank, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against D.C. Industrial Plant Services Pvt. Ltd., the corporate debtor. The financial creditor claimed that the corporate debtor defaulted on a total outstanding amount of Rs. 151,19,77,120.91. The corporate debtor availed various loans from the financial creditor, executing multiple agreements including Inter se Agreements, Working Capital Consortium Agreements, Joint Deeds of Hypothecation, and Term Loan Agreements. The account was declared a Non-Performing Asset (NPA) on 29/10/2014 due to non-payment. The financial creditor issued demand notices, and
…Indian Overseas Bank (IOB), the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against D.C. Industrial Plant Services Pvt. Ltd., the corporate debtor. The corporate debtor had availed various loans from IOB, executing Inter se Agreements dated 15/07/2006, Working Capital Consortium Agreements dated 15/07/2006, Joint Deeds of Hypothecation dated 15/07/2006, Supplemental Inter se Agreements dated 15/02/2008, First Supplemental Working Capital Consortium Agreements dated 15/02/2008, First Supplemental Joint Deed of Hypothecation dated 15/02/2008, and Term Loan Agreements dated 15/11/2010. The corporate debtor defaulted on repayment, leading to an
…The corporate debtor…
The corporate debtor executed a Working Capital…