The Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. FNL AAC Block Pvt. Ltd., the Corporate Debtor, due to a default in paying an outstanding debt of Rs. 14.85 Crores. The date of default was stated as December 31, 2017. The Financial Creditor had sanctioned and disbursed loan/credit facilities to the tune of Rs. 15.30 Crores.
Bank of India, the Financial Creditor, sanctioned and disbursed loan/credit facilities amounting to Rs. 15.30 Crores to M/s. FNL AAC Block Pvt. Ltd., the Corporate Debtor, as per a sanction letter dated March 12, 2014. The loans included Term Loan-I (Rs. 2.00 Crores for factory construction), Term Loan-II (Rs. 4.80 Crores for indigenous and imported machinery), Term Loan-III (Rs. 4.00 Crores for imported machinery), and Cash Credit Limit (Rs. 4.50 Crores). The Corporate Debtor defaulted in paying the outstanding debt of Rs. 14.85 Crores, with the date of default stated as December 31, 2017. The Financial Creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 to initiate CIRP. The Corporate Debtor raised objections regarding defects
…Sign in to view the parties.
Financial Creditor sanctioned and disbursed…
The date of de…
The Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. FNL AAC Block Pvt. Ltd., the Corporate Debtor, due to a default in paying an outstanding debt of Rs. 14.85 Crores. The date of default was stated as December 31, 2017. The Financial Creditor had sanctioned and disbursed loan/credit facilities to the tune of Rs. 15.30 Crores.
Bank of India, the Financial Creditor, sanctioned and disbursed loan/credit facilities amounting to Rs. 15.30 Crores to M/s. FNL AAC Block Pvt. Ltd., the Corporate Debtor, as per a sanction letter dated March 12, 2014. The loans included Term Loan-I (Rs. 2.00 Crores for factory construction), Term Loan-II (Rs. 4.80 Crores for indigenous and imported machinery), Term Loan-III (Rs. 4.00 Crores for imported machinery), and Cash Credit Limit (Rs. 4.50 Crores). The Corporate Debtor defaulted in paying the outstanding debt of Rs. 14.85 Crores, with the date of default stated as December 31, 2017. The Financial Creditor filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 to initiate CIRP. The Corporate Debtor raised objections regarding defects
…Financial Creditor sanctioned and disbursed…
The date of de…