Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ms. Gopalsons Steels Pvt. Ltd. Canara Bank, a public limited banking company, claimed that Ms. Gopalsons Steels Pvt. Ltd. had defaulted on credit facilities and term loans.
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ms. Gopalsons Steels Pvt. Ltd. The application was based on the corporate debtor's default in repaying credit facilities and term loans. The corporate debtor had approached Canara Bank for credit facilities, including OCC (Hypothecation), CBD, ILC/FLC, adhoc limit, and a term loan for construction, purchase of machinery, and general corporate needs. Canara Bank disbursed a total of Rs 2,913 Lakhs. The term loan was to be repaid in 84 monthly installments with interest at 13.95% compounded monthly, plus penal interest of 2% p.a. in case of default. The credit facility was to be repaid as per demand with interest
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A board resolution was passed by the corporate…
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Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ms. Gopalsons Steels Pvt. Ltd. Canara Bank, a public limited banking company, claimed that Ms. Gopalsons Steels Pvt. Ltd. had defaulted on credit facilities and term loans.
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ms. Gopalsons Steels Pvt. Ltd. The application was based on the corporate debtor's default in repaying credit facilities and term loans. The corporate debtor had approached Canara Bank for credit facilities, including OCC (Hypothecation), CBD, ILC/FLC, adhoc limit, and a term loan for construction, purchase of machinery, and general corporate needs. Canara Bank disbursed a total of Rs 2,913 Lakhs. The term loan was to be repaid in 84 monthly installments with interest at 13.95% compounded monthly, plus penal interest of 2% p.a. in case of default. The credit facility was to be repaid as per demand with interest
…A board resolution was passed by the corporate…
Mr. Deepak Goyal was authorized vide Power of…