The case involves an application filed by Mumbai District Central Cooperative Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Latakisan Infra Private Limited, the Corporate Debtor. The bank claims a total default of ₹13,78,35,621 as of 08.05.2019. The bank had provided financial assistance to the Corporate Debtor under a Sanction Letter dated 01.08.2017, sanctioning ₹12 Crore. A Term Loan Agreement was entered on 17.10.2017. The Corporate Debtor defaulted on repayments, leading to the bank classifying the account as NPA on 01.06.2018.
Mumbai District Central Cooperative Bank Limited (the Applicant Bank) provided financial assistance to Latakisan Infra Private Limited (the Corporate Debtor) under a Sanction Letter dated 01.08.2017, sanctioning ₹12 Crore. The Applicant and Corporate Debtor entered into a Term Loan Agreement on 17.10.2017. The Applicant also annexed a copy of the Facility Loan Agreement dated 14.08.2017 for a project term loan entered by the Applicant along with four other banks forming part of the Consortium with the Corporate Debtor for a sum of ₹44 Crore, the exposure of the Applicant Bank being ₹12 Crore. The dates of disbursements of the loan are 17.10.2017, 06.11.2017 and 07.12.2017. The Corporate Debtor agreed to repay the aggregate term loan facility of ₹44 Crore along with
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Applicant Bank issued a Sanction Letter to the…
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The case involves an application filed by Mumbai District Central Cooperative Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Latakisan Infra Private Limited, the Corporate Debtor. The bank claims a total default of ₹13,78,35,621 as of 08.05.2019. The bank had provided financial assistance to the Corporate Debtor under a Sanction Letter dated 01.08.2017, sanctioning ₹12 Crore. A Term Loan Agreement was entered on 17.10.2017. The Corporate Debtor defaulted on repayments, leading to the bank classifying the account as NPA on 01.06.2018.
Mumbai District Central Cooperative Bank Limited (the Applicant Bank) provided financial assistance to Latakisan Infra Private Limited (the Corporate Debtor) under a Sanction Letter dated 01.08.2017, sanctioning ₹12 Crore. The Applicant and Corporate Debtor entered into a Term Loan Agreement on 17.10.2017. The Applicant also annexed a copy of the Facility Loan Agreement dated 14.08.2017 for a project term loan entered by the Applicant along with four other banks forming part of the Consortium with the Corporate Debtor for a sum of ₹44 Crore, the exposure of the Applicant Bank being ₹12 Crore. The dates of disbursements of the loan are 17.10.2017, 06.11.2017 and 07.12.2017. The Corporate Debtor agreed to repay the aggregate term loan facility of ₹44 Crore along with
…Applicant Bank issued a Sanction Letter to the…
Applicant and Corporate…