Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against J.R.Agrotech Pvt. Ltd. for initiating the corporate insolvency resolution process. J.R.Agrotech had availed financial facilities from a consortium of banks, including Oriental Bank of Commerce. The account was classified as NPA due to defaults in payment. The corporate debtor argued that a restructuring proposal was under consideration and the petition was not maintainable. The petitioner contended that the restructuring proposal was not submitted within the stipulated time and that the RBI circulars cited by the corporate debtor were not applicable.
Oriental Bank of Commerce (OBC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against J.R.Agrotech Pvt. Ltd. OBC, as a financial creditor, sought to initiate the corporate insolvency resolution process (CIRP) due to defaults in loan repayment. J.R.Agrotech had availed financial facilities from a consortium of six banks, including OBC. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 30.08.2017. A common notice under Section 13(2) of the SARFAESI Act, 2002 was issued by the lead bank of the consortium on 27.11.2017, demanding ₹283,62,49,468.73. OBC's outstanding amount was ₹21,16,32,118 as of 31.10.2017. The corporate debtor argued that a restructuring proposal was under consideration and cited RBI
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Oriental Bank of Commerce filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against J.R.Agrotech Pvt. Ltd. for initiating the corporate insolvency resolution process. J.R.Agrotech had availed financial facilities from a consortium of banks, including Oriental Bank of Commerce. The account was classified as NPA due to defaults in payment. The corporate debtor argued that a restructuring proposal was under consideration and the petition was not maintainable. The petitioner contended that the restructuring proposal was not submitted within the stipulated time and that the RBI circulars cited by the corporate debtor were not applicable.
Oriental Bank of Commerce (OBC) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against J.R.Agrotech Pvt. Ltd. OBC, as a financial creditor, sought to initiate the corporate insolvency resolution process (CIRP) due to defaults in loan repayment. J.R.Agrotech had availed financial facilities from a consortium of six banks, including OBC. The corporate debtor's account was classified as a Non-Performing Asset (NPA) on 30.08.2017. A common notice under Section 13(2) of the SARFAESI Act, 2002 was issued by the lead bank of the consortium on 27.11.2017, demanding ₹283,62,49,468.73. OBC's outstanding amount was ₹21,16,32,118 as of 31.10.2017. The corporate debtor argued that a restructuring proposal was under consideration and cited RBI
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