The case pertains to an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneria Granito Ltd. The applicant, Bank of India, claimed that the corporate debtor had defaulted on its financial obligations. The application was filed due to the corporate debtor's failure to repay installments as per the loan agreement, leading to the account being categorized as a Non-Performing Asset (NPA). The corporate debtor had approached the petitioner bank for restructuring of debt under the CDR system, which was restructured in 2013. Despite restructuring, the debtor continued to default.
Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaneria Granito Limited, the corporate debtor. Kaneria Granito Limited is a company registered under the Companies Act, 1956, incorporated on January 21, 2000. The corporate debtor had approached the financial creditor for financial assistance/consortium finance, leading to credit facilities being sanctioned. The corporate debtor maintained various credit accounts with the petitioner-financial creditor since 2005. The respondent-corporate debtor was irregular in repaying the installments as per the terms and conditions of the loan agreement, leading to the account being categorized as
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Kaneria Granito Ltd.…
The corporate debtor…
The case pertains to an application filed by Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Kaneria Granito Ltd. The applicant, Bank of India, claimed that the corporate debtor had defaulted on its financial obligations. The application was filed due to the corporate debtor's failure to repay installments as per the loan agreement, leading to the account being categorized as a Non-Performing Asset (NPA). The corporate debtor had approached the petitioner bank for restructuring of debt under the CDR system, which was restructured in 2013. Despite restructuring, the debtor continued to default.
Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaneria Granito Limited, the corporate debtor. Kaneria Granito Limited is a company registered under the Companies Act, 1956, incorporated on January 21, 2000. The corporate debtor had approached the financial creditor for financial assistance/consortium finance, leading to credit facilities being sanctioned. The corporate debtor maintained various credit accounts with the petitioner-financial creditor since 2005. The respondent-corporate debtor was irregular in repaying the installments as per the terms and conditions of the loan agreement, leading to the account being categorized as
…Kaneria Granito Ltd.…
The corporate debtor…