The case involves an application (MA/200/IB/2018) filed in CP/722/IB/2017 by a promoter of Dhanalakshmi Paper Mills Pvt. Ltd. (Corporate Debtor) against Canara Bank. The applicant sought a declaration that no financial debt is due to Canara Bank and requested the bank's exclusion from the list of financial creditors. The applicant also sought an injunction restraining Canara Bank from being recognized as a member of the Committee of Creditors (CoC). The applicant contended that Canara Bank had offered a One Time Settlement (OTS) in July 2017, which required a payment of Rs.2,26,27,673/-, and the bank would renew its limit. The applicant claimed to have made an excess payment of Rs.2,35,00,000/- but the bank did not account for it as OTS and failed to renew the limit.
…R. Ramaswamy, the applicant and a promoter of Dhanalakshmi Paper Mills Pvt. Ltd. (Corporate Debtor), filed an application (MA/200/IB/2018) in CP/722/IB/2017 against Canara Bank. The applicant sought a declaration that no financial debt was due to Canara Bank and requested the bank's exclusion from the list of financial creditors. The applicant also sought an injunction restraining Canara Bank from being recognized as a member of the Committee of Creditors (CoC). The applicant contended that Canara Bank had offered a One Time Settlement (OTS) in July 2017, requiring a payment of Rs.2,26,27,673/-, with a promise to renew the credit limit. The applicant claimed to have made an excess payment of Rs.2,35,00,000/-, but the bank did not account for it as OTS and failed to
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Canara Bank allegedly offered a One Time…
The applicant claimed to have made an excess…
The case involves an application (MA/200/IB/2018) filed in CP/722/IB/2017 by a promoter of Dhanalakshmi Paper Mills Pvt. Ltd. (Corporate Debtor) against Canara Bank. The applicant sought a declaration that no financial debt is due to Canara Bank and requested the bank's exclusion from the list of financial creditors. The applicant also sought an injunction restraining Canara Bank from being recognized as a member of the Committee of Creditors (CoC). The applicant contended that Canara Bank had offered a One Time Settlement (OTS) in July 2017, which required a payment of Rs.2,26,27,673/-, and the bank would renew its limit. The applicant claimed to have made an excess payment of Rs.2,35,00,000/- but the bank did not account for it as OTS and failed to renew the limit.
…R. Ramaswamy, the applicant and a promoter of Dhanalakshmi Paper Mills Pvt. Ltd. (Corporate Debtor), filed an application (MA/200/IB/2018) in CP/722/IB/2017 against Canara Bank. The applicant sought a declaration that no financial debt was due to Canara Bank and requested the bank's exclusion from the list of financial creditors. The applicant also sought an injunction restraining Canara Bank from being recognized as a member of the Committee of Creditors (CoC). The applicant contended that Canara Bank had offered a One Time Settlement (OTS) in July 2017, requiring a payment of Rs.2,26,27,673/-, with a promise to renew the credit limit. The applicant claimed to have made an excess payment of Rs.2,35,00,000/-, but the bank did not account for it as OTS and failed to
…Canara Bank allegedly offered a One Time…
The applicant claimed to have made an excess…