The case involves an application filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D. M. Corporation Private Limited, the Corporate Debtor. The application pertains to a financial debt arising from credit facilities originally sanctioned by Abhyudaya Co-operative Bank Limited to Telsar Construction Pvt. Ltd., with D. M. Corporation providing a corporate guarantee. The account was classified as NPA due to defaults in repayment, leading to SARFAESI action and a recovery suit. The debt was later assigned to Edelweiss Asset Reconstruction Company Limited.
Abhyudaya Co-operative Bank Limited sanctioned credit facilities to Telsar Construction Pvt. Ltd. The facilities included a term loan of Rs. 45,00,00,000/- as per a sanction letter dated 2011-10-28. D. M. Corporation Private Limited provided a corporate guarantee to secure the payment obligations of Telsar Construction. Due to defaults in repayment, the account was classified as NPA on 2013-05-31. The Assignor Bank initiated SARFAESI action and filed a recovery suit. A settlement was reached on 2014-02-14, but the Borrower failed to make further payments. A fresh statutory notice was issued on 2015-03-03. The Assignor Bank filed MA No. 70 of 2015 for issuance of a recovery certificate, which was disposed of on 2015-12-02. The Recovery Officer issued a Recovery
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Abhyudaya Co-operative Bank Limited sanctioned…
The account was…
The case involves an application filed by Edelweiss Asset Reconstruction Company Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, against D. M. Corporation Private Limited, the Corporate Debtor. The application pertains to a financial debt arising from credit facilities originally sanctioned by Abhyudaya Co-operative Bank Limited to Telsar Construction Pvt. Ltd., with D. M. Corporation providing a corporate guarantee. The account was classified as NPA due to defaults in repayment, leading to SARFAESI action and a recovery suit. The debt was later assigned to Edelweiss Asset Reconstruction Company Limited.
Abhyudaya Co-operative Bank Limited sanctioned credit facilities to Telsar Construction Pvt. Ltd. The facilities included a term loan of Rs. 45,00,00,000/- as per a sanction letter dated 2011-10-28. D. M. Corporation Private Limited provided a corporate guarantee to secure the payment obligations of Telsar Construction. Due to defaults in repayment, the account was classified as NPA on 2013-05-31. The Assignor Bank initiated SARFAESI action and filed a recovery suit. A settlement was reached on 2014-02-14, but the Borrower failed to make further payments. A fresh statutory notice was issued on 2015-03-03. The Assignor Bank filed MA No. 70 of 2015 for issuance of a recovery certificate, which was disposed of on 2015-12-02. The Recovery Officer issued a Recovery
…Abhyudaya Co-operative Bank Limited sanctioned…
The account was…