The case pertains to an I.B. Petition filed by Edelweiss Asset Reconstruction Co. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against K.K. Kadri Paper Mills Pvt. Ltd. (Corporate Debtor). The Financial Creditor is acting as a trustee of EARC Trust, SC 31. The Corporate Debtor had availed credit facilities from Bank of Baroda in 2011, which were renewed/enhanced in 2012. The bank sanctioned various credit facilities amounting to Rs. 14.80 Crores. The Corporate Debtor failed to make payments despite reminders, leading to a demand notice issued by Bank of Baroda on 01.10.2012 and a further notice by EARC on 09.07.2015. The Assignor assigned the debts to the
…Edelweiss Asset Reconstruction Co. Ltd., acting as a Financial Creditor and trustee of EARC Trust SC 31, filed an I.B. Petition against K.K. Kadri Paper Mills Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed credit facilities from Bank of Baroda amounting to Rs. 14.80 Crores, which were renewed/enhanced in 2012. Despite repeated reminders, the Corporate Debtor failed to make payments. Bank of Baroda issued a demand notice on 01.10.2012, followed by a notice from EARC on 09.07.2015. The debts were assigned to the Applicant on 26.03.2014. The outstanding debt as of 31st July 2018, was Rs. 44,51,74,964/-. The Corporate Debtor acknowledged its debt and attempted a one-time settlement for Rs.
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The case pertains to an I.B. Petition filed by Edelweiss Asset Reconstruction Co. Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against K.K. Kadri Paper Mills Pvt. Ltd. (Corporate Debtor). The Financial Creditor is acting as a trustee of EARC Trust, SC 31. The Corporate Debtor had availed credit facilities from Bank of Baroda in 2011, which were renewed/enhanced in 2012. The bank sanctioned various credit facilities amounting to Rs. 14.80 Crores. The Corporate Debtor failed to make payments despite reminders, leading to a demand notice issued by Bank of Baroda on 01.10.2012 and a further notice by EARC on 09.07.2015. The Assignor assigned the debts to the
…Edelweiss Asset Reconstruction Co. Ltd., acting as a Financial Creditor and trustee of EARC Trust SC 31, filed an I.B. Petition against K.K. Kadri Paper Mills Pvt. Ltd., the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had availed credit facilities from Bank of Baroda amounting to Rs. 14.80 Crores, which were renewed/enhanced in 2012. Despite repeated reminders, the Corporate Debtor failed to make payments. Bank of Baroda issued a demand notice on 01.10.2012, followed by a notice from EARC on 09.07.2015. The debts were assigned to the Applicant on 26.03.2014. The outstanding debt as of 31st July 2018, was Rs. 44,51,74,964/-. The Corporate Debtor acknowledged its debt and attempted a one-time settlement for Rs.
…The Respondent/Corporate-…
The said Bank…