The Jammu and Kashmir Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Kushal International Limited. The corporate debtor had approached the financial creditor in December 2012 seeking financial assistance in the form of cash credit facility and term loans. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.12.2014.
Jammu and Kashmir Bank Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Kushal International Limited, the corporate debtor. The corporate debtor had approached the financial creditor in December 2012 seeking financial assistance in the form of cash credit facility and term loans amounting to Rs. 4,90,00,000. The financial creditor further stated that a term loan of Rs. 77,00,000 was approved on 01.02.2013. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.12.2014. The total amount of debt granted to the corporate debtor was Rs. 2,00,00,000 (Cash Credit), Rs. 2,90,00,000 (Term Loan), Rs. 1,85,00,000
…Sign in to view the parties.
The Applicant Jammu and Kashmir Bank Limited is…
The Respondent/Corporate Debtor M/s…
The Jammu and Kashmir Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rule, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Kushal International Limited. The corporate debtor had approached the financial creditor in December 2012 seeking financial assistance in the form of cash credit facility and term loans. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.12.2014.
Jammu and Kashmir Bank Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Kushal International Limited, the corporate debtor. The corporate debtor had approached the financial creditor in December 2012 seeking financial assistance in the form of cash credit facility and term loans amounting to Rs. 4,90,00,000. The financial creditor further stated that a term loan of Rs. 77,00,000 was approved on 01.02.2013. The account of the corporate debtor was classified as Non-Performing Asset (NPA) on 31.12.2014. The total amount of debt granted to the corporate debtor was Rs. 2,00,00,000 (Cash Credit), Rs. 2,90,00,000 (Term Loan), Rs. 1,85,00,000
…The Applicant Jammu and Kashmir Bank Limited is…
The Respondent/Corporate Debtor M/s…