Dena Bank filed a petition CP 4065/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against Jogma Laminates Industry Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a principal amount of ₹6,60,89,306 and interest of ₹1,58,52,153 as of 22.10.2018.
Dena Bank sanctioned a Cash Credit Hypothecation Loan (CCH Loan) of ₹6,75,00,000 to Jogma Laminates Industry Private Limited, the Corporate Debtor, on 30.5.2015, with an interest rate of 12.55% p.a. The Corporate Debtor passed a resolution on 9.6.2015 to obtain the CCH Loan. The Corporate Debtor executed a Hypothecation Agreement on 11.6.2015, a Memorandum of Entry on 15.6.2015, and a Letter of Guarantee on 11.6.2015. The Corporate Debtor started utilizing the loan amount from 19.6.2015 but defaulted on repayments from 1.4.2017. The loan account was declared a Non-Performing Asset (NPA) on 31.8.2017. Dena Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 15.11.2017, classifying the account as NPA and demanding repayment. The Corporate Debtor failed
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Dena Bank sanctioned a Cash Credit…
The Corporate Debtor…
Dena Bank filed a petition CP 4065/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against Jogma Laminates Industry Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a principal amount of ₹6,60,89,306 and interest of ₹1,58,52,153 as of 22.10.2018.
Dena Bank sanctioned a Cash Credit Hypothecation Loan (CCH Loan) of ₹6,75,00,000 to Jogma Laminates Industry Private Limited, the Corporate Debtor, on 30.5.2015, with an interest rate of 12.55% p.a. The Corporate Debtor passed a resolution on 9.6.2015 to obtain the CCH Loan. The Corporate Debtor executed a Hypothecation Agreement on 11.6.2015, a Memorandum of Entry on 15.6.2015, and a Letter of Guarantee on 11.6.2015. The Corporate Debtor started utilizing the loan amount from 19.6.2015 but defaulted on repayments from 1.4.2017. The loan account was declared a Non-Performing Asset (NPA) on 31.8.2017. Dena Bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 15.11.2017, classifying the account as NPA and demanding repayment. The Corporate Debtor failed
…Dena Bank sanctioned a Cash Credit…
The Corporate Debtor…