The case involves an application filed by UCO Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against GVS Infra & Industries Private Limited, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned in the form of term loans under the UCO Rent Scheme. The Corporate Debtor defaulted in repayment, leading the Petitioner Bank to classify the loan account as a Non-Performing Asset (NPA) and initiate recovery proceedings before the Debts Recovery Tribunal (DRT).
GVS Infra & Industries Private Limited (formerly SSVG Engineering Projects Pvt. Ltd) approached UCO Bank for credit facilities. UCO Bank sanctioned a term loan of Rs. 1,77,50,000/- on 2006-06-29 under the UCO Rent Scheme, and the Corporate Debtor executed loan documents and a guarantee agreement on the same date. Subsequently, UCO Bank sanctioned another term loan of Rs. 1,50,00,000/- on 2006-08-04. A third loan of Rs. 22,00,00,000/- was sanctioned, which was later converted into a new loan of Rs. 3,75,00,000/-. The Corporate Debtor defaulted in repayment, leading UCO Bank to classify the loan account as an NPA on 2011-06-29. UCO Bank initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Hyderabad, and invoked SARFAESI proceedings. The DRT
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UCO Bank sanctioned a term loan of Rs.…
GVS Infra & Industries Private Limited executed…
The case involves an application filed by UCO Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against GVS Infra & Industries Private Limited, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned in the form of term loans under the UCO Rent Scheme. The Corporate Debtor defaulted in repayment, leading the Petitioner Bank to classify the loan account as a Non-Performing Asset (NPA) and initiate recovery proceedings before the Debts Recovery Tribunal (DRT).
GVS Infra & Industries Private Limited (formerly SSVG Engineering Projects Pvt. Ltd) approached UCO Bank for credit facilities. UCO Bank sanctioned a term loan of Rs. 1,77,50,000/- on 2006-06-29 under the UCO Rent Scheme, and the Corporate Debtor executed loan documents and a guarantee agreement on the same date. Subsequently, UCO Bank sanctioned another term loan of Rs. 1,50,00,000/- on 2006-08-04. A third loan of Rs. 22,00,00,000/- was sanctioned, which was later converted into a new loan of Rs. 3,75,00,000/-. The Corporate Debtor defaulted in repayment, leading UCO Bank to classify the loan account as an NPA on 2011-06-29. UCO Bank initiated recovery proceedings before the Debts Recovery Tribunal (DRT), Hyderabad, and invoked SARFAESI proceedings. The DRT
…UCO Bank sanctioned a term loan of Rs.…
GVS Infra & Industries Private Limited executed…