Edelweiss Asset Reconstruction Co. Ltd., acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Euro Pallets Private Ltd., the corporate debtor, due to a defaulted financial debt of ₹31,76,84,177. The corporate debtor had approached Central Bank of India for credit facilities in 2012, which were sanctioned. Edelweiss Asset Reconstruction Co. Ltd. is the assignee of the Central Bank of India.
In 2012, Euro Pallets Private Ltd. approached Central Bank of India for credit facilities, which were sanctioned. The facilities included Term Loans and Cash Credit. As security, Euro Pallets deposited title deeds for several plots of land and created a first charge on movable properties. Personal guarantees were also provided by directors and other individuals. The loan agreements stipulated repayment schedules and interest rates. Euro Pallets defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 2012-11-27. The Central Bank of India assigned the debt to Edelweiss Asset Reconstruction Co. Ltd. Edelweiss, as the assignee, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, after the corporate
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The Corporate Debtor approached the Central…
On 2012-05-25 the Bank sanctioned and advanced…
Edelweiss Asset Reconstruction Co. Ltd., acting as the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Euro Pallets Private Ltd., the corporate debtor, due to a defaulted financial debt of ₹31,76,84,177. The corporate debtor had approached Central Bank of India for credit facilities in 2012, which were sanctioned. Edelweiss Asset Reconstruction Co. Ltd. is the assignee of the Central Bank of India.
In 2012, Euro Pallets Private Ltd. approached Central Bank of India for credit facilities, which were sanctioned. The facilities included Term Loans and Cash Credit. As security, Euro Pallets deposited title deeds for several plots of land and created a first charge on movable properties. Personal guarantees were also provided by directors and other individuals. The loan agreements stipulated repayment schedules and interest rates. Euro Pallets defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 2012-11-27. The Central Bank of India assigned the debt to Edelweiss Asset Reconstruction Co. Ltd. Edelweiss, as the assignee, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, after the corporate
…The Corporate Debtor approached the Central…
On 2012-05-25 the Bank sanctioned and advanced…