UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Kumlai Tea and Industries Ltd., the Corporate Debtor. The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 45,62,70,000/-. The Financial Creditor had granted and disbursed various terms loan, cash credit facilities, etc., to the Corporate Debtor, totaling Rs. 12,06,82,000/-. The Corporate Debtor was declared a Non-Performing Asset (NPA) on 31.01.2019.
UCO Bank, a banking company, is the Financial Creditor. M/s Kumlai Tea and Industries Ltd. is the Corporate Debtor. UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Kumlai Tea, alleging a default of Rs. 45,62,70,000/-. UCO Bank had disbursed loans and credit facilities totaling Rs. 12,06,82,000/- to Kumlai Tea. Kumlai Tea was declared an NPA on 31.01.2019. The Corporate Debtor was served notice but did not file a reply. The Financial Creditor had initiated proceedings under the SARFAESI Act in 2010 and before the DRT. The Financial Creditor proposed Mr. Samya Sengupta as the Interim Resolution Professional (IRP).
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The Corporate Debtor…
The Financial Creditor granted and disbursed…
UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Kumlai Tea and Industries Ltd., the Corporate Debtor. The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 45,62,70,000/-. The Financial Creditor had granted and disbursed various terms loan, cash credit facilities, etc., to the Corporate Debtor, totaling Rs. 12,06,82,000/-. The Corporate Debtor was declared a Non-Performing Asset (NPA) on 31.01.2019.
UCO Bank, a banking company, is the Financial Creditor. M/s Kumlai Tea and Industries Ltd. is the Corporate Debtor. UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Kumlai Tea, alleging a default of Rs. 45,62,70,000/-. UCO Bank had disbursed loans and credit facilities totaling Rs. 12,06,82,000/- to Kumlai Tea. Kumlai Tea was declared an NPA on 31.01.2019. The Corporate Debtor was served notice but did not file a reply. The Financial Creditor had initiated proceedings under the SARFAESI Act in 2010 and before the DRT. The Financial Creditor proposed Mr. Samya Sengupta as the Interim Resolution Professional (IRP).
The Corporate Debtor…
The Financial Creditor granted and disbursed…