The case involves an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Eskay K 'N' IT (India) Limited, seeking initiation of corporate insolvency resolution process due to default in payment of financial debt. The bank claimed that the corporate debtor defaulted on term loans and working capital fund-based limits. The corporate debtor raised objections, including that the application was time-barred and that the bank had suppressed material facts regarding actions taken under the RDDB Act, 1993.
Bank of India, incorporated on 07.09.1906, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Eskay K 'N' IT (India) Limited, a company incorporated on 24th April, 1987. The bank claimed that Eskay K 'N' IT (India) Limited defaulted in payment towards principal and interest on term loans and working capital fund-based limits. The outstanding amount was Rs. 160,17,48,441.41 as on 31.07.2018. Eskay K 'N' IT (India) Limited raised objections, including that the application was time-barred and that the bank had suppressed material facts regarding actions taken under the RDDB Act, 1993. The bank submitted various documents, including sanction letters, inter-se consortium agreements, joint deeds of hypothecation, and balance sheets, to
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Bank of Ind…
Eskay K 'N' IT…
The case involves an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Eskay K 'N' IT (India) Limited, seeking initiation of corporate insolvency resolution process due to default in payment of financial debt. The bank claimed that the corporate debtor defaulted on term loans and working capital fund-based limits. The corporate debtor raised objections, including that the application was time-barred and that the bank had suppressed material facts regarding actions taken under the RDDB Act, 1993.
Bank of India, incorporated on 07.09.1906, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Eskay K 'N' IT (India) Limited, a company incorporated on 24th April, 1987. The bank claimed that Eskay K 'N' IT (India) Limited defaulted in payment towards principal and interest on term loans and working capital fund-based limits. The outstanding amount was Rs. 160,17,48,441.41 as on 31.07.2018. Eskay K 'N' IT (India) Limited raised objections, including that the application was time-barred and that the bank had suppressed material facts regarding actions taken under the RDDB Act, 1993. The bank submitted various documents, including sanction letters, inter-se consortium agreements, joint deeds of hypothecation, and balance sheets, to
…Bank of Ind…
Eskay K 'N' IT…