The Corporate Debtor approached the Financial Creditor in 2008 for a loan. Certain credit facilities were enhanced via a sanction letter dated 2008-02-09. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Loyal Auto Globe Private Limited, due to default in payment of debt. The total amount claimed to be in default was ₹30,27,66,450/- as of 2018-09-14, inclusive of interest.
The Corporate Debtor, Loyal Auto Globe Private Limited, approached the Central Bank of India (Financial Creditor) for availing loan facilities in 2008. The credit facilities were enhanced vide sanction letter dated 2008-02-09. The amounts sanctioned on 2009-02-28, along with interest, were claimed to be in default. The total amount claimed to be in default was ₹30,27,66,450/- as of 2018-09-14. Loan documents, including three Deeds of Hypothecation for ₹5,50,00,000/-, ₹50,00,000/- and ₹96,00,000/-, were executed on 2008-02-18. The Corporate Debtor defaulted in making payments. The account of the Corporate Debtor was classified as NPA on 2009-02-28. A Demand Notice U/s 13(2) of SARFAESI Act was served on 2009-03-21, which was replied to by letter dated 2009-05-18,
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Certain Credit facilities were…
Three Deeds of Hypothecation for…
The Corporate Debtor approached the Financial Creditor in 2008 for a loan. Certain credit facilities were enhanced via a sanction letter dated 2008-02-09. The Financial Creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, Loyal Auto Globe Private Limited, due to default in payment of debt. The total amount claimed to be in default was ₹30,27,66,450/- as of 2018-09-14, inclusive of interest.
The Corporate Debtor, Loyal Auto Globe Private Limited, approached the Central Bank of India (Financial Creditor) for availing loan facilities in 2008. The credit facilities were enhanced vide sanction letter dated 2008-02-09. The amounts sanctioned on 2009-02-28, along with interest, were claimed to be in default. The total amount claimed to be in default was ₹30,27,66,450/- as of 2018-09-14. Loan documents, including three Deeds of Hypothecation for ₹5,50,00,000/-, ₹50,00,000/- and ₹96,00,000/-, were executed on 2008-02-18. The Corporate Debtor defaulted in making payments. The account of the Corporate Debtor was classified as NPA on 2009-02-28. A Demand Notice U/s 13(2) of SARFAESI Act was served on 2009-03-21, which was replied to by letter dated 2009-05-18,
…Certain Credit facilities were…
Three Deeds of Hypothecation for…