DBS Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The financial creditor claimed a default of Rs. 54,542,606.31 as of December 31, 2019. The corporate debtor opposed the application, arguing that it was not maintainable, that the financial creditor had pursued alternative resolution methods, and that the corporate debtor had been making payments towards its debt. The corporate debtor also argued that the legislative intent of the Code was not to force companies into liquidation and that the application was an abuse of process.
DBS Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 54,542,606.31 as of December 31, 2019, comprising Rs.48,450,708.97 principal and Rs.6,091, 897.34 interest. The debt arose from bilateral foreign currency loans. The Corporate Debtor had an authorized share capital of Rs.511, 50, 00,000. The Financial Creditor had sanctioned the facility to the Corporate Debtor on specific terms and conditions, including a bilateral foreign currency loan of US$40 million. The Corporate Debtor offered pari passu first charge on fixed assets as security. The
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Financial Creditor…
DBS Bank Ltd., Kolkata Branch is agreeable to…
DBS Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited, the corporate debtor, seeking initiation of the corporate insolvency resolution process (CIRP). The financial creditor claimed a default of Rs. 54,542,606.31 as of December 31, 2019. The corporate debtor opposed the application, arguing that it was not maintainable, that the financial creditor had pursued alternative resolution methods, and that the corporate debtor had been making payments towards its debt. The corporate debtor also argued that the legislative intent of the Code was not to force companies into liquidation and that the application was an abuse of process.
DBS Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hindusthan National Glass & Industries Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a debt of Rs. 54,542,606.31 as of December 31, 2019, comprising Rs.48,450,708.97 principal and Rs.6,091, 897.34 interest. The debt arose from bilateral foreign currency loans. The Corporate Debtor had an authorized share capital of Rs.511, 50, 00,000. The Financial Creditor had sanctioned the facility to the Corporate Debtor on specific terms and conditions, including a bilateral foreign currency loan of US$40 million. The Corporate Debtor offered pari passu first charge on fixed assets as security. The
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DBS Bank Ltd., Kolkata Branch is agreeable to…