Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Greendiamz Biotech Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan/credit facilities. The bank claimed a total outstanding debt of Rs. 85,71,54,265.28 as of 30.09.2018, inclusive of unpaid interest, penalty, and other expenses. The corporate debtor had earlier submitted an One Time Settlement (OTS) offer of Rs. 1600.00 lakhs, which was not considered by the bank.
Union Bank of India (the Petitioner), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Greendiamz Biotech Limited (the Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 08.05.2009 under the Companies Act, 1956. The Petitioner had granted various loan/credit facilities to the Corporate Debtor, including CC Hyp, LC/LG, and Term Loans. The total amount claimed to be in default was Rs. 85,71,54,265.28 as of 30.09.2018. The Corporate Debtor had submitted an One Time Settlement (OTS) offer of Rs. 1600.00 lakhs, which was not considered by the Petitioner. The Corporate Debtor had also filed a Securitization Application bearing No. 161 of 2018
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Greendiamz Biotech…
Corporate Debtor's Board Resolution dated…
Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Greendiamz Biotech Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan/credit facilities. The bank claimed a total outstanding debt of Rs. 85,71,54,265.28 as of 30.09.2018, inclusive of unpaid interest, penalty, and other expenses. The corporate debtor had earlier submitted an One Time Settlement (OTS) offer of Rs. 1600.00 lakhs, which was not considered by the bank.
Union Bank of India (the Petitioner), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Greendiamz Biotech Limited (the Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 08.05.2009 under the Companies Act, 1956. The Petitioner had granted various loan/credit facilities to the Corporate Debtor, including CC Hyp, LC/LG, and Term Loans. The total amount claimed to be in default was Rs. 85,71,54,265.28 as of 30.09.2018. The Corporate Debtor had submitted an One Time Settlement (OTS) offer of Rs. 1600.00 lakhs, which was not considered by the Petitioner. The Corporate Debtor had also filed a Securitization Application bearing No. 161 of 2018
…Greendiamz Biotech…
Corporate Debtor's Board Resolution dated…