Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ganeshom Cereals Private Limited, the corporate debtor. Allahabad Bank, constituted under the Banking Companies Act, sought to recover outstanding dues. The corporate debtor had availed various credit facilities from Allahabad Bank amounting to ₹143.76 Crores in 2014. The bank claimed the corporate debtor defaulted on payments, leading to the application before the NCLT.
Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ganeshom Cereals Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Allahabad Bank, a body corporate constituted under the Banking Companies Act, claimed that Ganeshom Cereals Private Limited had defaulted on credit facilities amounting to ₹143.76 Crores availed in 2014. The bank submitted documents, including a sanction letter dated 28.06.2014, a demand promissory note dated 19.07.2014, a hypothecation agreement, and a term loan agreement. The corporate debtor had created a first charge by way of hypothecation of its current assets. The bank stated that the corporate debtor defaulted on payments, with the total debt amounting to
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Ganeshom Cereals Private Limited availed…
Allahabad Bank issued a…
Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ganeshom Cereals Private Limited, the corporate debtor. Allahabad Bank, constituted under the Banking Companies Act, sought to recover outstanding dues. The corporate debtor had availed various credit facilities from Allahabad Bank amounting to ₹143.76 Crores in 2014. The bank claimed the corporate debtor defaulted on payments, leading to the application before the NCLT.
Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ganeshom Cereals Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Allahabad Bank, a body corporate constituted under the Banking Companies Act, claimed that Ganeshom Cereals Private Limited had defaulted on credit facilities amounting to ₹143.76 Crores availed in 2014. The bank submitted documents, including a sanction letter dated 28.06.2014, a demand promissory note dated 19.07.2014, a hypothecation agreement, and a term loan agreement. The corporate debtor had created a first charge by way of hypothecation of its current assets. The bank stated that the corporate debtor defaulted on payments, with the total debt amounting to
…Ganeshom Cereals Private Limited availed…
Allahabad Bank issued a…