The Central Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Dev Blessing Traders Private Limited, the Corporate Debtor, due to a default on a cash credit facility. The application was filed on August 4, 2017. The Corporate Debtor had approached the Applicant for a cash credit facility of ₹400 Lakhs, which was sanctioned on October 14, 2013. A hypothecation agreement was executed on October 31, 2013, providing a primary security in the form of stock and book debts, along with collateral security of directors' personal properties. The Debtor's account became NPA on December 29, 2015, leading to the issuance of notices under the SARFAESI Act and a loan recall notice.
The Central Bank of India (Applicant/Financial Creditor) provided a cash credit facility of ₹400 Lakhs to M/s. Dev Blessing Traders Private Limited (Corporate Debtor). The loan was sanctioned on October 14, 2013, and a hypothecation agreement was executed on October 31, 2013. The Corporate Debtor defaulted on the repayment, and the account became a Non-Performing Asset (NPA) on December 29, 2015. The Applicant issued notices under Section 13(2) of the SARFAESI Act, 2002, and a loan recall notice. The Corporate Debtor did not respond to any of the notices. The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on August 4, 2017. The Corporate Debtor did not appear before the Tribunal. The total amount claimed to be in default is
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The Central Bank of India, as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Dev Blessing Traders Private Limited, the Corporate Debtor, due to a default on a cash credit facility. The application was filed on August 4, 2017. The Corporate Debtor had approached the Applicant for a cash credit facility of ₹400 Lakhs, which was sanctioned on October 14, 2013. A hypothecation agreement was executed on October 31, 2013, providing a primary security in the form of stock and book debts, along with collateral security of directors' personal properties. The Debtor's account became NPA on December 29, 2015, leading to the issuance of notices under the SARFAESI Act and a loan recall notice.
The Central Bank of India (Applicant/Financial Creditor) provided a cash credit facility of ₹400 Lakhs to M/s. Dev Blessing Traders Private Limited (Corporate Debtor). The loan was sanctioned on October 14, 2013, and a hypothecation agreement was executed on October 31, 2013. The Corporate Debtor defaulted on the repayment, and the account became a Non-Performing Asset (NPA) on December 29, 2015. The Applicant issued notices under Section 13(2) of the SARFAESI Act, 2002, and a loan recall notice. The Corporate Debtor did not respond to any of the notices. The Applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on August 4, 2017. The Corporate Debtor did not appear before the Tribunal. The total amount claimed to be in default is
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The Applicant…