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 application was filed due to a 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.
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, for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on a default of ₹1,39,41,586.37/- along with interest as on 30.09.2018. The Corporate Debtor had availed credit facilities of ₹1,12,00,000/- from the Applicant, sanctioned as Cash Credit, Term Loan-I, and Term Loan-II. These 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, and the account was classified as NPA on 31.07.2014. The Applicant issued notices
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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 application was filed due to a 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.
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, for initiating Corporate Insolvency Resolution Process (CIRP). The application was based on a default of ₹1,39,41,586.37/- along with interest as on 30.09.2018. The Corporate Debtor had availed credit facilities of ₹1,12,00,000/- from the Applicant, sanctioned as Cash Credit, Term Loan-I, and Term Loan-II. These 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, and the account was classified as NPA on 31.07.2014. The Applicant issued notices
…The account of the…
The Corporate Debtor…