Dena Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Kashyap Motors India Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on loan facilities. The corporate debtor admitted to availing the loan facilities and defaulting on repayment. The financial creditor had issued a notice under Section 13(2) of the SARFAESI Act, 2002, and also took symbolic possession of the mortgaged property. The corporate debtor proposed a one-time settlement, which was not accepted by the financial creditor.
Dena Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kashyap Motors India Private Limited, the corporate debtor. The financial creditor had sanctioned various credit facilities to the corporate debtor, including cash credit, term loans, and bank guarantees, totaling Rs. 940 lakhs initially, which was later enhanced to Rs. 1865.56 lakhs. These loans were secured by hypothecation of stocks and book debts, as well as a mortgage of immovable property. The corporate debtor defaulted on the repayment of these loan facilities, leading to the account being declared as a Non-Performing Asset (NPA) on 2018-02-28. The financial creditor issued a notice
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M/s. Kashyap Motors…
Ms. Vineeta Verma was…
Dena Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Kashyap Motors India Private Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on loan facilities. The corporate debtor admitted to availing the loan facilities and defaulting on repayment. The financial creditor had issued a notice under Section 13(2) of the SARFAESI Act, 2002, and also took symbolic possession of the mortgaged property. The corporate debtor proposed a one-time settlement, which was not accepted by the financial creditor.
Dena Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kashyap Motors India Private Limited, the corporate debtor. The financial creditor had sanctioned various credit facilities to the corporate debtor, including cash credit, term loans, and bank guarantees, totaling Rs. 940 lakhs initially, which was later enhanced to Rs. 1865.56 lakhs. These loans were secured by hypothecation of stocks and book debts, as well as a mortgage of immovable property. The corporate debtor defaulted on the repayment of these loan facilities, leading to the account being declared as a Non-Performing Asset (NPA) on 2018-02-28. The financial creditor issued a notice
…M/s. Kashyap Motors…
Ms. Vineeta Verma was…