UCO Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against KKK Cotspin Pvt. Ltd., the corporate debtor. The corporate debtor had been availing loan facilities from UCO Bank since 2008. The bank's petition was based on the corporate debtor's default in repaying the loan amount. The corporate debtor opposed the petition, citing issues with the bank's actions and the status of mortgaged properties.
UCO Bank, the petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against KKK Cotspin Pvt. Ltd., the respondent. The respondent-company was incorporated on 18.04.2006. The corporate debtor had been availing loan facilities from the petitioner-bank since 2008, with the cash credit hypothecation limit initially sanctioned at ₹172 lacs. The limit was increased to ₹2.50 crores on 24.03.2008 and further enhanced over time. The latest sanction was granted on 09.10.2015, including CC hypothecation of ₹2600 lacs, ILC/FLC DA/DP of ₹135 lacs, BG (Bank Guarantee) of ₹15 lacs, and Term Loan of ₹670 lacs. The amount in default as on 31.08.2017 was stated to be ₹36,62,48,202.41. The corporate debtor
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UCO Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against KKK Cotspin Pvt. Ltd., the corporate debtor. The corporate debtor had been availing loan facilities from UCO Bank since 2008. The bank's petition was based on the corporate debtor's default in repaying the loan amount. The corporate debtor opposed the petition, citing issues with the bank's actions and the status of mortgaged properties.
UCO Bank, the petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against KKK Cotspin Pvt. Ltd., the respondent. The respondent-company was incorporated on 18.04.2006. The corporate debtor had been availing loan facilities from the petitioner-bank since 2008, with the cash credit hypothecation limit initially sanctioned at ₹172 lacs. The limit was increased to ₹2.50 crores on 24.03.2008 and further enhanced over time. The latest sanction was granted on 09.10.2015, including CC hypothecation of ₹2600 lacs, ILC/FLC DA/DP of ₹135 lacs, BG (Bank Guarantee) of ₹15 lacs, and Term Loan of ₹670 lacs. The amount in default as on 31.08.2017 was stated to be ₹36,62,48,202.41. The corporate debtor
…The respondent-company,…
The respondent-corporate debtor had been…