TJSB Sahakari Bank Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against KDJ HOLIDAYSCAPES AND RESORTS LIMITED, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹5,46,34,862/- along with interest as on 31.03.2019.
TJSB Sahakari Bank Limited sanctioned a cash credit facility of ₹3,25,00,000/- to KDJ HOLIDAYSCAPES AND RESORTS LIMITED. A facility agreement was entered into on 17.12.2013, along with a deed of hypothecation. The credit facility was repayable on demand or at the expiry of 365 days from the first withdrawal. The account of the Corporate Debtor was classified as a Non-Performing Asset (NPA) on 03.12.2015. The Applicant issued a Show Cause Notice dated 07.08.2018 for declaring the Corporate Debtor and its Directors as Wilful Defaulters. The Corporate Debtor admitted the debt and default and requested more time to repay. The total default claimed was ₹5,46,34,862/- as of 31.03.2019. The Corporate Debtor passed a Board Resolution on 27.11.2013 accepting the credit facility.
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Applicant sanctioned a…
Applicant and Corporate…
TJSB Sahakari Bank Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) against KDJ HOLIDAYSCAPES AND RESORTS LIMITED, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹5,46,34,862/- along with interest as on 31.03.2019.
TJSB Sahakari Bank Limited sanctioned a cash credit facility of ₹3,25,00,000/- to KDJ HOLIDAYSCAPES AND RESORTS LIMITED. A facility agreement was entered into on 17.12.2013, along with a deed of hypothecation. The credit facility was repayable on demand or at the expiry of 365 days from the first withdrawal. The account of the Corporate Debtor was classified as a Non-Performing Asset (NPA) on 03.12.2015. The Applicant issued a Show Cause Notice dated 07.08.2018 for declaring the Corporate Debtor and its Directors as Wilful Defaulters. The Corporate Debtor admitted the debt and default and requested more time to repay. The total default claimed was ₹5,46,34,862/- as of 31.03.2019. The Corporate Debtor passed a Board Resolution on 27.11.2013 accepting the credit facility.
Applicant sanctioned a…
Applicant and Corporate…