The Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Gupta Exim India Private Limited, referred to as the Corporate Debtor. The bank claimed that the Corporate Debtor had defaulted on credit facilities sanctioned since 1991, with the latest facility sanctioned on March 21, 2015. The bank's application was filed in the prescribed Form No. 1 and supported by various documents, including the master data of the Corporate Debtor, details of outstanding amounts, and security particulars.
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gupta Exim India Private Limited. The Corporate Debtor was incorporated on 16.01.1996. The bank had sanctioned credit facilities to the Corporate Debtor since 01.10.1991, with the last facility sanctioned on 21.03.2015. The Corporate Debtor defaulted on payments, leading to loan accounts being declared Non-Performing Assets (NPA) on 30.06.2016, effective from 31.10.2013. The total amount due from the Corporate Debtor as of 12.09.2018 was ₹5,56,58,63,761.40. The credit facilities were secured by mortgages of land, buildings, plant, machinery, and other assets. The Corporate Debtor acknowledged the
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The Corporate Debtor…
Gupta Exim India…
The Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Gupta Exim India Private Limited, referred to as the Corporate Debtor. The bank claimed that the Corporate Debtor had defaulted on credit facilities sanctioned since 1991, with the latest facility sanctioned on March 21, 2015. The bank's application was filed in the prescribed Form No. 1 and supported by various documents, including the master data of the Corporate Debtor, details of outstanding amounts, and security particulars.
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gupta Exim India Private Limited. The Corporate Debtor was incorporated on 16.01.1996. The bank had sanctioned credit facilities to the Corporate Debtor since 01.10.1991, with the last facility sanctioned on 21.03.2015. The Corporate Debtor defaulted on payments, leading to loan accounts being declared Non-Performing Assets (NPA) on 30.06.2016, effective from 31.10.2013. The total amount due from the Corporate Debtor as of 12.09.2018 was ₹5,56,58,63,761.40. The credit facilities were secured by mortgages of land, buildings, plant, machinery, and other assets. The Corporate Debtor acknowledged the
…The Corporate Debtor…
Gupta Exim India…