The case pertains to an application filed by Dena Bank, now Bank of Baroda, 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, for the recovery of outstanding dues from the corporate debtor, Hillary Fashion Cotfab Ltd. The financial creditor claimed a default in repayment of loan amount.
Dena Bank, now Bank of Baroda, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hillary Fashion Cotfab Ltd. for recovery of outstanding dues amounting to Rs. 6,46,18,619.10. The respondent, Hillary Fashion Cotfab Ltd., had availed loan facilities starting from May 2014. The account of the corporate debtor was declared NPA by the financial creditor on 31.12.2015. The petitioner had initiated proceedings before DRT and under SARFAESI Act. The last transaction in the cash credit account was on 28.01.2016, and in the term loan account, it was on 13.07.2017. The application was found to be complete, and the Adjudicating Authority was satisfied that a default had been committed by the Corporate Debtor in repayment of the loan amount.
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The respondent, Hillary Fashion Cotfab Ltd.,…
The account of the corporate debtor was…
The case pertains to an application filed by Dena Bank, now Bank of Baroda, 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, for the recovery of outstanding dues from the corporate debtor, Hillary Fashion Cotfab Ltd. The financial creditor claimed a default in repayment of loan amount.
Dena Bank, now Bank of Baroda, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hillary Fashion Cotfab Ltd. for recovery of outstanding dues amounting to Rs. 6,46,18,619.10. The respondent, Hillary Fashion Cotfab Ltd., had availed loan facilities starting from May 2014. The account of the corporate debtor was declared NPA by the financial creditor on 31.12.2015. The petitioner had initiated proceedings before DRT and under SARFAESI Act. The last transaction in the cash credit account was on 28.01.2016, and in the term loan account, it was on 13.07.2017. The application was found to be complete, and the Adjudicating Authority was satisfied that a default had been committed by the Corporate Debtor in repayment of the loan amount.
…The respondent, Hillary Fashion Cotfab Ltd.,…
The account of the corporate debtor was…