The case pertains to an application filed by ICICI Bank Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Garlico Industries Ltd. The application was filed due to a default on a financial debt amounting to Rs. 139,811,696/-, including interest as of 15.05.2019. The Corporate Debtor had obtained a loan of Rs. 3 Crores from the Financial Creditor in 1997, and the repayment was scheduled from 15.05.1997 to 15.02.2003. The Corporate Debtor failed to make payments as per the agreed schedule, leading the Financial Creditor to initiate proceedings under the SARFAESI Act, 2002, and file an Original Application before the DRT Jabalpur.
ICICI Bank Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Garlico Industries Ltd, the Corporate Debtor. The application was based on a default of Rs. 139,811,696/-, including interest as of 15.05.2019. The Corporate Debtor had obtained a loan of Rs. 3 Crores from the Financial Creditor in 1997, with repayment scheduled from 15.05.1997 to 15.02.2003. The Corporate Debtor failed to adhere to the agreed payment schedule. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and filed an Original Application before the DRT Jabalpur. The Corporate Debtor argued that the application was barred by limitation. The
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The Corporate Debtor obtained a loan of Rs. 3…
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The case pertains to an application filed by ICICI Bank Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Garlico Industries Ltd. The application was filed due to a default on a financial debt amounting to Rs. 139,811,696/-, including interest as of 15.05.2019. The Corporate Debtor had obtained a loan of Rs. 3 Crores from the Financial Creditor in 1997, and the repayment was scheduled from 15.05.1997 to 15.02.2003. The Corporate Debtor failed to make payments as per the agreed schedule, leading the Financial Creditor to initiate proceedings under the SARFAESI Act, 2002, and file an Original Application before the DRT Jabalpur.
ICICI Bank Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Garlico Industries Ltd, the Corporate Debtor. The application was based on a default of Rs. 139,811,696/-, including interest as of 15.05.2019. The Corporate Debtor had obtained a loan of Rs. 3 Crores from the Financial Creditor in 1997, with repayment scheduled from 15.05.1997 to 15.02.2003. The Corporate Debtor failed to adhere to the agreed payment schedule. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and filed an Original Application before the DRT Jabalpur. The Corporate Debtor argued that the application was barred by limitation. The
…The Corporate Debtor obtained a loan of Rs. 3…
Scheduled start date…