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 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 through hypothecation. Personal guarantees were also provided by Shri Rahul J. Singhvi and others. The corporate debtor defaulted on repayments, and the account was classified as a Non-Performing Asset (NPA) on 2012-11-27. On 2013-01-03, the Assignor recalled the credit facilities by issuing a Demand Notice. Edelweiss Asset Reconstruction Co. Ltd., as the assignee of Central Bank of India, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a defaulted
…Sign in to view the parties.
The Corporate Debtor approached the Central…
The Bank sanctioned and advanced credit…
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 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 through hypothecation. Personal guarantees were also provided by Shri Rahul J. Singhvi and others. The corporate debtor defaulted on repayments, and the account was classified as a Non-Performing Asset (NPA) on 2012-11-27. On 2013-01-03, the Assignor recalled the credit facilities by issuing a Demand Notice. Edelweiss Asset Reconstruction Co. Ltd., as the assignee of Central Bank of India, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a defaulted
…The Corporate Debtor approached the Central…
The Bank sanctioned and advanced credit…