Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against MM Agro Ventures Private Limited. The bank, formerly known as Corporation Bank, claimed that the corporate debtor defaulted on a loan of Rs. 6,92,19,480.50 as of July 1, 2019, leading to the account being declared as NPA on July 29, 2017. The bank had sanctioned a loan of Rs. 6,65,00,000 to the corporate debtor, secured by mortgaged properties and personal guarantees.
Union Bank of India (formerly Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MM Agro Ventures Private Limited. The bank had sanctioned a loan of Rs. 6,65,00,000 to the corporate debtor, secured by mortgaged properties and personal guarantees. The corporate debtor's account was declared as NPA on July 29, 2017, due to non-payment. As of July 1, 2019, the amount in default was Rs. 6,92,19,480.50. The corporate debtor argued that the bank had not disbursed the loan amount on time, leading to project delays and destruction of raw materials. The bank had also obtained a Recovery Certificate for Rs. 6,15,67,529.50 from the DRT in OA No. 754/2018. The
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Date of the General Power of Attorney (GPA)…
Date of Registered Sale Deed No. 4499, where…
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against MM Agro Ventures Private Limited. The bank, formerly known as Corporation Bank, claimed that the corporate debtor defaulted on a loan of Rs. 6,92,19,480.50 as of July 1, 2019, leading to the account being declared as NPA on July 29, 2017. The bank had sanctioned a loan of Rs. 6,65,00,000 to the corporate debtor, secured by mortgaged properties and personal guarantees.
Union Bank of India (formerly Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against MM Agro Ventures Private Limited. The bank had sanctioned a loan of Rs. 6,65,00,000 to the corporate debtor, secured by mortgaged properties and personal guarantees. The corporate debtor's account was declared as NPA on July 29, 2017, due to non-payment. As of July 1, 2019, the amount in default was Rs. 6,92,19,480.50. The corporate debtor argued that the bank had not disbursed the loan amount on time, leading to project delays and destruction of raw materials. The bank had also obtained a Recovery Certificate for Rs. 6,15,67,529.50 from the DRT in OA No. 754/2018. The
…Date of the General Power of Attorney (GPA)…
Date of Registered Sale Deed No. 4499, where…