The case pertains to an application filed by United Bank of India, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Gadhinglaj Agro Alcochem Limited, the Corporate Debtor. The petition was filed on 08.03.2019. The applicant bank had extended a Term Loan I of ₹24,80,00,000/- vide its sanction letter dated 25.09.2012. The Applicant further enhanced a Term Loan II of ₹13,00,000/- vide sanction letter dated 05.01.2016 and fund based working capital limit of ₹13,00,00,000/- in form of Cash Credit vide letter dated 05.01.2016. The enhanced loan was in continuation of existing Term Loan I of ₹24,80,00,000/-.
United Bank of India extended a Term Loan I of ₹24,80,00,000/- to M/S Gadhinglaj Agro Alcochem Limited on 25.09.2012. Subsequently, a Term Loan II of ₹13,00,000/- and a working capital limit of ₹13,00,00,000/- were sanctioned on 05.01.2016. The total outstanding amount in default was ₹58,77,75,378/- as on 31.01.2019, with an interest rate of 12.95% at monthly rests. The date of default was 31.03.2018, when the Corporate Debtor's account was declared a Non-Performing Asset (NPA). The Applicant sent a notice on 05.04.2018 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor acknowledged the outstanding debt in letters dated 28.03.2018 and 15.05.2018. The financial creditor filed extracts of a Commercial Credit Information Report (CIBIL) dated 26.02.2019,
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United Bank of India…
United Bank of India sanctioned Term Loan II of…
The case pertains to an application filed by United Bank of India, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Gadhinglaj Agro Alcochem Limited, the Corporate Debtor. The petition was filed on 08.03.2019. The applicant bank had extended a Term Loan I of ₹24,80,00,000/- vide its sanction letter dated 25.09.2012. The Applicant further enhanced a Term Loan II of ₹13,00,000/- vide sanction letter dated 05.01.2016 and fund based working capital limit of ₹13,00,00,000/- in form of Cash Credit vide letter dated 05.01.2016. The enhanced loan was in continuation of existing Term Loan I of ₹24,80,00,000/-.
United Bank of India extended a Term Loan I of ₹24,80,00,000/- to M/S Gadhinglaj Agro Alcochem Limited on 25.09.2012. Subsequently, a Term Loan II of ₹13,00,000/- and a working capital limit of ₹13,00,00,000/- were sanctioned on 05.01.2016. The total outstanding amount in default was ₹58,77,75,378/- as on 31.01.2019, with an interest rate of 12.95% at monthly rests. The date of default was 31.03.2018, when the Corporate Debtor's account was declared a Non-Performing Asset (NPA). The Applicant sent a notice on 05.04.2018 under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor acknowledged the outstanding debt in letters dated 28.03.2018 and 15.05.2018. The financial creditor filed extracts of a Commercial Credit Information Report (CIBIL) dated 26.02.2019,
…United Bank of India…
United Bank of India sanctioned Term Loan II of…