Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Kothari Food & Fragrances Pvt. Ltd. The application was filed due to the corporate debtor's default in payment of financial debt. Despite service of notice, the corporate debtor did not respond or appear before the court.
Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kothari Food & Fragrances Pvt. Ltd., the corporate debtor, due to default in payment of financial debt. The corporate debtor was declared NPA as on 31.12.2015. The amount claimed to be in default as on 14.06.2016 was Rs. 1,54,23,61,766.02, excluding interest. The Bank had filed O.A. No. 108 of 2017 before Debts Recovery Tribunal, Allahabad, for a recovery of Rs. 192,31,49,367.00, which was allowed on 07.06.2017. As of 14.08.2018, the total amount due was Rs. 253,19,98,266.70, including interest. Despite notice, the corporate debtor did not appear or file any reply.
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The corporate debtor, M/s. Kothari Food &…
As on 14.06.2016, a sum…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s. Kothari Food & Fragrances Pvt. Ltd. The application was filed due to the corporate debtor's default in payment of financial debt. Despite service of notice, the corporate debtor did not respond or appear before the court.
Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kothari Food & Fragrances Pvt. Ltd., the corporate debtor, due to default in payment of financial debt. The corporate debtor was declared NPA as on 31.12.2015. The amount claimed to be in default as on 14.06.2016 was Rs. 1,54,23,61,766.02, excluding interest. The Bank had filed O.A. No. 108 of 2017 before Debts Recovery Tribunal, Allahabad, for a recovery of Rs. 192,31,49,367.00, which was allowed on 07.06.2017. As of 14.08.2018, the total amount due was Rs. 253,19,98,266.70, including interest. Despite notice, the corporate debtor did not appear or file any reply.
The corporate debtor, M/s. Kothari Food &…
As on 14.06.2016, a sum…