IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Leather World India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying a loan. The financial creditor claimed a default amount of Rs. 15,00,86,035.43 as of 15.03.2018. The corporate debtor failed to repay the loan despite numerous communications and a proposed One Time Settlement, which was rejected by the financial creditor.
IDBI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Leather World India Limited, the corporate debtor. The application was based on the corporate debtor's default in repaying a loan. The total amount of default claimed by the financial creditor as of 15.03.2018 was Rs. 15,00,86,035.43. The debt was secured by hypothecation of assets. The financial creditor had sanctioned a credit facility of Rs. 13 crores to the corporate debtor vide two sanction letters dated 20.06.2015 and 09.09.2016. The corporate debtor's account was declared a non-performing asset (NPA) on 30.12.2016. The financial creditor issued a recall notice on
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Guarantee Agreement executed by Rohot…
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IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Leather World India Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's default in repaying a loan. The financial creditor claimed a default amount of Rs. 15,00,86,035.43 as of 15.03.2018. The corporate debtor failed to repay the loan despite numerous communications and a proposed One Time Settlement, which was rejected by the financial creditor.
IDBI Bank Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Leather World India Limited, the corporate debtor. The application was based on the corporate debtor's default in repaying a loan. The total amount of default claimed by the financial creditor as of 15.03.2018 was Rs. 15,00,86,035.43. The debt was secured by hypothecation of assets. The financial creditor had sanctioned a credit facility of Rs. 13 crores to the corporate debtor vide two sanction letters dated 20.06.2015 and 09.09.2016. The corporate debtor's account was declared a non-performing asset (NPA) on 30.12.2016. The financial creditor issued a recall notice on
…Guarantee Agreement executed by Rohot…
One of the two sanction…