The case pertains to an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Eagle Cotton Pvt. Ltd., the Corporate Debtor. The bank claimed that the corporate debtor defaulted on loan repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2015. The bank sought to recover outstanding dues exceeding Rs. 28 crores.
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Cotton Pvt. Ltd. The bank claimed that Eagle Cotton Pvt. Ltd. defaulted on loan repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2015. The outstanding dues exceeded Rs. 28 crores. The bank had sanctioned various credit facilities, including term loans and cash credit facilities, to Eagle Cotton Pvt. Ltd., secured by hypothecation of stock and book debts, and guarantees. The corporate debtor company had executed necessary security documents, including a deed of guarantee. The corporate debtor raised objections, including disputes over the default amount, the
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The loan account of Eagle Cotton Pvt. Ltd. was…
The present Application is filed under Section…
The case pertains to an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Eagle Cotton Pvt. Ltd., the Corporate Debtor. The bank claimed that the corporate debtor defaulted on loan repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2015. The bank sought to recover outstanding dues exceeding Rs. 28 crores.
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Cotton Pvt. Ltd. The bank claimed that Eagle Cotton Pvt. Ltd. defaulted on loan repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 31.12.2015. The outstanding dues exceeded Rs. 28 crores. The bank had sanctioned various credit facilities, including term loans and cash credit facilities, to Eagle Cotton Pvt. Ltd., secured by hypothecation of stock and book debts, and guarantees. The corporate debtor company had executed necessary security documents, including a deed of guarantee. The corporate debtor raised objections, including disputes over the default amount, the
…The loan account of Eagle Cotton Pvt. Ltd. was…
The present Application is filed under Section…