Standard Chartered Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JVL Agro Industries Ltd. The bank sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default of INR 63,77,99,916. The corporate debtor had a banking relationship with the financial creditor since 2007-2008, with credit facilities extended and amended over time. The account was classified as a non-performing asset (NPA) on April 8, 2016, according to RBI guidelines.
Standard Chartered Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JVL Agro Industries Ltd, the corporate debtor. The total amount claimed to be in default is INR 63,77,99,916 as of May 31, 2018. The corporate debtor's account was classified as a non-performing asset on April 8, 2016. The corporate debtor started its banking relationship with the financial creditor in 2007-2008, receiving credit facilities up to INR 97,50,00,000. These facilities were secured by various securities, including charges on current and fixed assets. The corporate debtor was reminded of its payment obligations, but continued to default. The corporate debtor filed a Company Application, CA− (IB) 164/2018, raising objections
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The account of the Corporate Debtor was…
The Financial Creditor reminded the Corporate…
Standard Chartered Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JVL Agro Industries Ltd. The bank sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default of INR 63,77,99,916. The corporate debtor had a banking relationship with the financial creditor since 2007-2008, with credit facilities extended and amended over time. The account was classified as a non-performing asset (NPA) on April 8, 2016, according to RBI guidelines.
Standard Chartered Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against JVL Agro Industries Ltd, the corporate debtor. The total amount claimed to be in default is INR 63,77,99,916 as of May 31, 2018. The corporate debtor's account was classified as a non-performing asset on April 8, 2016. The corporate debtor started its banking relationship with the financial creditor in 2007-2008, receiving credit facilities up to INR 97,50,00,000. These facilities were secured by various securities, including charges on current and fixed assets. The corporate debtor was reminded of its payment obligations, but continued to default. The corporate debtor filed a Company Application, CA− (IB) 164/2018, raising objections
…The account of the Corporate Debtor was…
The Financial Creditor reminded the Corporate…