Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against JVR Forgings Limited, the corporate debtor. The corporate debtor was sanctioned various loan facilities amounting to ₹81,35,00,000 in 2014. The account became irregular and was declared NPA on 01.07.2017. The bank sought to recover the outstanding amount, which as of 20.11.2017, was ₹111,46,00,879/-.
Allahabad Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against JVR Forgings Limited, the corporate debtor. JVR Forgings Limited was incorporated on 14.06.1996. The corporate debtor was sanctioned various loan facilities amounting to ₹81,35,00,000 in 2014. The loan facilities included Cash Credit Facility, Term Loans, and Working Capital Term Loans. The corporate debtor executed various loan documents, including Demand Promissory Notes, guarantee deed, hypothecation agreement, term loan agreement, and undertaking. The account of the corporate debtor became irregular and was declared NPA on 01.07.2017. The guarantor of the loan was issued a notice under Section 13(2) of the SARFAESI Act. The
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The respondent-corporate…
The account of the…
Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against JVR Forgings Limited, the corporate debtor. The corporate debtor was sanctioned various loan facilities amounting to ₹81,35,00,000 in 2014. The account became irregular and was declared NPA on 01.07.2017. The bank sought to recover the outstanding amount, which as of 20.11.2017, was ₹111,46,00,879/-.
Allahabad Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against JVR Forgings Limited, the corporate debtor. JVR Forgings Limited was incorporated on 14.06.1996. The corporate debtor was sanctioned various loan facilities amounting to ₹81,35,00,000 in 2014. The loan facilities included Cash Credit Facility, Term Loans, and Working Capital Term Loans. The corporate debtor executed various loan documents, including Demand Promissory Notes, guarantee deed, hypothecation agreement, term loan agreement, and undertaking. The account of the corporate debtor became irregular and was declared NPA on 01.07.2017. The guarantor of the loan was issued a notice under Section 13(2) of the SARFAESI Act. The
…The respondent-corporate…
The account of the…