The case pertains to an insolvency and bankruptcy petition filed by Bank of India, a financial creditor, against Hindustan Dorr-Oliver Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to the corporate debtor's default in making payment of Rs. 856,52,57,199 as on 31-03-2017 for various credit facilities sanctioned by the bank.
Bank of India, the financial creditor, filed an insolvency petition against Hindustan Dorr-Oliver Limited, the corporate debtor, due to a default in payment. On 15-07-2014, Bank of India had sanctioned credit facilities amounting to Rs. 660.55 crores to the corporate debtor. These facilities included capital term loans, funded interest term loans, cash credit, and non-fund-based facilities. The corporate debtor's account was classified as a non-performing asset (NPA) on 30-09-2014. As of 31-03-2017, the outstanding amount was Rs. 856,52,57,199. The financial creditor sent a letter to the corporate debtor on 03-04-2017, detailing the outstanding amounts, which the corporate debtor acknowledged. The corporate debtor, through its counsel, conceded to the initiation of the
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Bank of India sanctioned credit facilities to…
The account of Hindustan Dorr-Oliver Limited…
The case pertains to an insolvency and bankruptcy petition filed by Bank of India, a financial creditor, against Hindustan Dorr-Oliver Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to the corporate debtor's default in making payment of Rs. 856,52,57,199 as on 31-03-2017 for various credit facilities sanctioned by the bank.
Bank of India, the financial creditor, filed an insolvency petition against Hindustan Dorr-Oliver Limited, the corporate debtor, due to a default in payment. On 15-07-2014, Bank of India had sanctioned credit facilities amounting to Rs. 660.55 crores to the corporate debtor. These facilities included capital term loans, funded interest term loans, cash credit, and non-fund-based facilities. The corporate debtor's account was classified as a non-performing asset (NPA) on 30-09-2014. As of 31-03-2017, the outstanding amount was Rs. 856,52,57,199. The financial creditor sent a letter to the corporate debtor on 03-04-2017, detailing the outstanding amounts, which the corporate debtor acknowledged. The corporate debtor, through its counsel, conceded to the initiation of the
…Bank of India sanctioned credit facilities to…
The account of Hindustan Dorr-Oliver Limited…