Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Gangotri Enterprises LTD., seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, Bank of India, had sanctioned credit facilities to the Corporate Debtor starting in 2007, which included cash credit and bank guarantees. These facilities were modified and revised over time, with agreements executed between the parties. The Corporate Debtor's account was classified as NPA on 30.06.2015 with retrospective effect from 30.09.2013. Several revival letters and acknowledgments of debt were signed by the Corporate Debtor and guarantors over the years.
Bank of India sanctioned credit facilities to M/S Gangotri Enterprises LTD. starting in 2007, including cash credit and bank guarantees. These facilities were modified over time. The Corporate Debtor's account was classified as NPA on 30.06.2015 with retrospective effect from 30.09.2013. Several revival letters and acknowledgments of debt were signed by the Corporate Debtor and guarantors. One revival letter was signed on 21.03.2007, another on 17.01.2008, and others on 26.05.2009 and 20.10.2010. A letter dated 12.03.2012 acknowledged the debt and validity of documents. The Corporate Debtor requested restructuring under CDR mechanism on 09.12.2013, and a LOA was executed on 26.09.2013. A Board meeting on 13.12.2013 noted the restructuring and authorized the execution
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Bank of India sanctioned credit facilities to…
The Corporate Debtor's account was classified…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Gangotri Enterprises LTD., seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, Bank of India, had sanctioned credit facilities to the Corporate Debtor starting in 2007, which included cash credit and bank guarantees. These facilities were modified and revised over time, with agreements executed between the parties. The Corporate Debtor's account was classified as NPA on 30.06.2015 with retrospective effect from 30.09.2013. Several revival letters and acknowledgments of debt were signed by the Corporate Debtor and guarantors over the years.
Bank of India sanctioned credit facilities to M/S Gangotri Enterprises LTD. starting in 2007, including cash credit and bank guarantees. These facilities were modified over time. The Corporate Debtor's account was classified as NPA on 30.06.2015 with retrospective effect from 30.09.2013. Several revival letters and acknowledgments of debt were signed by the Corporate Debtor and guarantors. One revival letter was signed on 21.03.2007, another on 17.01.2008, and others on 26.05.2009 and 20.10.2010. A letter dated 12.03.2012 acknowledged the debt and validity of documents. The Corporate Debtor requested restructuring under CDR mechanism on 09.12.2013, and a LOA was executed on 26.09.2013. A Board meeting on 13.12.2013 noted the restructuring and authorized the execution
…Bank of India sanctioned credit facilities to…
The Corporate Debtor's account was classified…