The case involves an application filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Harikrishna Tradex Private Limited, the Corporate Debtor, due to default in repayment of a cash credit facility. The bank claimed a total outstanding amount of Rs. 7,19,71,461.07 as of 24.09.2018. The Corporate Debtor had availed various cash credit facilities from the bank, secured by hypothecation of goods, book debts, and other movable assets, as well as mortgages on properties. The date of default was stated as 29/02/2016.
Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Harikrishna Tradex Private Limited. Harikrishna Tradex Private Limited was incorporated on 10/04/2013. The Corporate Debtor availed various cash credit facilities from the Bank. These facilities were sanctioned on 14/08/2014 (Rs. 3.5 Crores), 31/12/2014 (Rs. 4.95 Crores), 23/05/2015 (Rs. 4.65 Crores), and 26/05/2015 (Rs. 30 Lakhs). The total aggregate limit sanctioned was Rs. 7,19,71,461.07. The facilities were secured by hypothecation of goods, book debts, and other movable assets, as well as mortgages on properties. The Corporate Debtor defaulted on 29/02/2016. The Bank classified the
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Harikrishna Tradex…
Sanction of PCH…
The case involves an application filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Harikrishna Tradex Private Limited, the Corporate Debtor, due to default in repayment of a cash credit facility. The bank claimed a total outstanding amount of Rs. 7,19,71,461.07 as of 24.09.2018. The Corporate Debtor had availed various cash credit facilities from the bank, secured by hypothecation of goods, book debts, and other movable assets, as well as mortgages on properties. The date of default was stated as 29/02/2016.
Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Harikrishna Tradex Private Limited. Harikrishna Tradex Private Limited was incorporated on 10/04/2013. The Corporate Debtor availed various cash credit facilities from the Bank. These facilities were sanctioned on 14/08/2014 (Rs. 3.5 Crores), 31/12/2014 (Rs. 4.95 Crores), 23/05/2015 (Rs. 4.65 Crores), and 26/05/2015 (Rs. 30 Lakhs). The total aggregate limit sanctioned was Rs. 7,19,71,461.07. The facilities were secured by hypothecation of goods, book debts, and other movable assets, as well as mortgages on properties. The Corporate Debtor defaulted on 29/02/2016. The Bank classified the
…Harikrishna Tradex…
Sanction of PCH…