Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Enfields Gems & Jewellery Ltd. for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying loans availed from the financial creditor. The financial creditor had granted various credit facilities to the corporate debtor, which were renewed and sanctioned from time to time. The corporate debtor failed to make payments, leading the financial creditor to classify the account as a non-performing asset (NPA). The financial creditor issued a recall notice and subsequently filed an Original Application before the Debts Recovery Tribunal for recovering the outstanding dues.
Union Bank of India granted credit facilities to M/s Enfields Gems & Jewellery Ltd. totaling Rs. 53,21,31,671/- as of 17.09.2018, under sanction letters dated 29.09.2008, 18.06.2011, and 06.09.2011. The corporate debtor defaulted on repayments, leading the bank to classify the account as a Non-Performing Asset (NPA) on 10.01.2013. The bank issued a recall notice on 22.04.2013 and a demand notice on 27.05.2013 under the SARFAESI Act, 2002. The corporate debtor made a payment of Rs. 60,00,000/- pursuant to the recall notice but failed to pay the balance amount. The bank filed an Original Application (O.A. No. 339 of 2014) before the Debts Recovery Tribunal (DRT)-I, Kolkata, to recover the outstanding dues, which is pending adjudication. The corporate debtor executed
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Financial Creditor granted credit facilities…
Financial Creditor granted credit facilities…
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Enfields Gems & Jewellery Ltd. for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying loans availed from the financial creditor. The financial creditor had granted various credit facilities to the corporate debtor, which were renewed and sanctioned from time to time. The corporate debtor failed to make payments, leading the financial creditor to classify the account as a non-performing asset (NPA). The financial creditor issued a recall notice and subsequently filed an Original Application before the Debts Recovery Tribunal for recovering the outstanding dues.
Union Bank of India granted credit facilities to M/s Enfields Gems & Jewellery Ltd. totaling Rs. 53,21,31,671/- as of 17.09.2018, under sanction letters dated 29.09.2008, 18.06.2011, and 06.09.2011. The corporate debtor defaulted on repayments, leading the bank to classify the account as a Non-Performing Asset (NPA) on 10.01.2013. The bank issued a recall notice on 22.04.2013 and a demand notice on 27.05.2013 under the SARFAESI Act, 2002. The corporate debtor made a payment of Rs. 60,00,000/- pursuant to the recall notice but failed to pay the balance amount. The bank filed an Original Application (O.A. No. 339 of 2014) before the Debts Recovery Tribunal (DRT)-I, Kolkata, to recover the outstanding dues, which is pending adjudication. The corporate debtor executed
…Financial Creditor granted credit facilities…
Financial Creditor granted credit facilities…