The case originates from an application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/S. KRROME GLASS PRIVATE LIMITED. Corporation Bank, acting as the lead member of a consortium of banks, claimed that Krrome Glass Private Limited had defaulted on loan repayments. The financial creditor, Corporation Bank, had disbursed various loans and financial facilities to the corporate debtor, Krrome Glass Private Limited, through the creation of various accounts in the name of the corporate debtor in the books of the financial creditor on the request of the corporate debtor in the years 2012 and 2013.
Corporation Bank, 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. KRROME GLASS PRIVATE LIMITED, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on loan repayments. The total amount of cash disbursed to the corporate debtor was Rs. 13,55,02,725.07, and the aggregated interest was Rs. 15,49,74,428.66 as of November 30, 2018. The corporate debtor was unable to pay its debt on a regular basis, leading the bank to declare the account as a Non-Performing Asset on June 30, 2014. The financial creditor had previously sent a notice under Section 13(2) read with Section 13(3) of the SARFAESI Act, 2002, and
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Mr. Vivek Khanna…
Financial Creditor got…
The case originates from an application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against M/S. KRROME GLASS PRIVATE LIMITED. Corporation Bank, acting as the lead member of a consortium of banks, claimed that Krrome Glass Private Limited had defaulted on loan repayments. The financial creditor, Corporation Bank, had disbursed various loans and financial facilities to the corporate debtor, Krrome Glass Private Limited, through the creation of various accounts in the name of the corporate debtor in the books of the financial creditor on the request of the corporate debtor in the years 2012 and 2013.
Corporation Bank, 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. KRROME GLASS PRIVATE LIMITED, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on loan repayments. The total amount of cash disbursed to the corporate debtor was Rs. 13,55,02,725.07, and the aggregated interest was Rs. 15,49,74,428.66 as of November 30, 2018. The corporate debtor was unable to pay its debt on a regular basis, leading the bank to declare the account as a Non-Performing Asset on June 30, 2014. The financial creditor had previously sent a notice under Section 13(2) read with Section 13(3) of the SARFAESI Act, 2002, and
…Mr. Vivek Khanna…
Financial Creditor got…