United Bank of India (UBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/S. MAA ANANDAMOYEE HIMGHAR PVT. LTD., citing default on financial assistance provided. The corporate debtor disputed the claim, arguing non-compliance with RBI guidelines and lack of a board resolution at the time of sanctioning credit facilities.
United Bank of India (UBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. MAA ANANDAMOYEE HIMGHAR PVT. LTD., the Corporate Debtor. UBI claimed that it had sanctioned a loan of Rs. 690.00 lacs to the Corporate Debtor on January 1, 2014. The Corporate Debtor acknowledged the receipt of the sanction letter via a board resolution on the same date and delivered it to UBI, acknowledging the creation of security through the deposit of title deeds. The Corporate Debtor also executed a hypothecation deed for movable plant and machinery on January 1, 2014, creating a first charge in favor of UBI. The Corporate Debtor further executed an agreement to
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Rs. 690.00 la…
The Corporate Debtor executed a Hypothecation…
United Bank of India (UBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/S. MAA ANANDAMOYEE HIMGHAR PVT. LTD., citing default on financial assistance provided. The corporate debtor disputed the claim, arguing non-compliance with RBI guidelines and lack of a board resolution at the time of sanctioning credit facilities.
United Bank of India (UBI), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. MAA ANANDAMOYEE HIMGHAR PVT. LTD., the Corporate Debtor. UBI claimed that it had sanctioned a loan of Rs. 690.00 lacs to the Corporate Debtor on January 1, 2014. The Corporate Debtor acknowledged the receipt of the sanction letter via a board resolution on the same date and delivered it to UBI, acknowledging the creation of security through the deposit of title deeds. The Corporate Debtor also executed a hypothecation deed for movable plant and machinery on January 1, 2014, creating a first charge in favor of UBI. The Corporate Debtor further executed an agreement to
…Rs. 690.00 la…
The Corporate Debtor executed a Hypothecation…