The case involves an application filed by TJSB Sahakari Bank Limited, the Financial Creditor, against Joshi Deodhar Engineering Company Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹1,39,41,586.37 along with interest as on 30.09.2018. The Corporate Debtor had availed credit facilities from the Applicant, which were classified as Non-Performing Asset (NPA) on 31.07.2014. The Corporate Debtor contended that the application was barred by limitation.
TJSB Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Joshi Deodhar Engineering Company Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹1,39,41,586.37 along with interest as on 30.09.2018. The Corporate Debtor had been sanctioned credit facilities to the tune of ₹1,12,00,000/- by the Applicant. These facilities included Cash Credit, Term Loan-I, and Term Loan-II. The credit facilities were secured by Mortgage, Promissory Note, Deed of Hypothecation, Letter of Lien, Set Off, and Deed of Guarantee. The Corporate Debtor defaulted in repayment of the credit facilities, and its account
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The account of the…
The Financial Creditor claimed a total default…
The case involves an application filed by TJSB Sahakari Bank Limited, the Financial Creditor, against Joshi Deodhar Engineering Company Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹1,39,41,586.37 along with interest as on 30.09.2018. The Corporate Debtor had availed credit facilities from the Applicant, which were classified as Non-Performing Asset (NPA) on 31.07.2014. The Corporate Debtor contended that the application was barred by limitation.
TJSB Sahakari Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Joshi Deodhar Engineering Company Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of ₹1,39,41,586.37 along with interest as on 30.09.2018. The Corporate Debtor had been sanctioned credit facilities to the tune of ₹1,12,00,000/- by the Applicant. These facilities included Cash Credit, Term Loan-I, and Term Loan-II. The credit facilities were secured by Mortgage, Promissory Note, Deed of Hypothecation, Letter of Lien, Set Off, and Deed of Guarantee. The Corporate Debtor defaulted in repayment of the credit facilities, and its account
…The account of the…
The Financial Creditor claimed a total default…