Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Maa Durga Rice Product Private Limited, the corporate debtor, due to default in paying a financial debt of Rs. 63,40,68,149/- as of 08.08.2018. The corporate debtor had availed financial facilities, including a cash credit term loan, from the applicant bank. The loan was secured by hypothecation of movables and mortgage of immovable properties. The loan account slipped into non-performing assets on 15.05.2014. Despite repeated reminders, the corporate debtor failed to repay the loan.
Bank of India, 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 Durga Rice Product Private Limited, the corporate debtor. The corporate debtor defaulted on a financial debt of Rs. 63,40,68,149/- as of 08.08.2018. The corporate debtor had availed financial facilities, including a cash credit term loan, from the bank, secured by hypothecation and mortgage. The loan account became a non-performing asset (NPA) on 15.05.2014. The corporate debtor failed to repay the loan despite repeated reminders. The corporate debtor argued that they were not given enhancement of the loan and settlement talks failed. The applicant bank stated that the
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The loan account of M/s Maa Durga Rice…
The Corporate Debtor…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s Maa Durga Rice Product Private Limited, the corporate debtor, due to default in paying a financial debt of Rs. 63,40,68,149/- as of 08.08.2018. The corporate debtor had availed financial facilities, including a cash credit term loan, from the applicant bank. The loan was secured by hypothecation of movables and mortgage of immovable properties. The loan account slipped into non-performing assets on 15.05.2014. Despite repeated reminders, the corporate debtor failed to repay the loan.
Bank of India, 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 Durga Rice Product Private Limited, the corporate debtor. The corporate debtor defaulted on a financial debt of Rs. 63,40,68,149/- as of 08.08.2018. The corporate debtor had availed financial facilities, including a cash credit term loan, from the bank, secured by hypothecation and mortgage. The loan account became a non-performing asset (NPA) on 15.05.2014. The corporate debtor failed to repay the loan despite repeated reminders. The corporate debtor argued that they were not given enhancement of the loan and settlement talks failed. The applicant bank stated that the
…The loan account of M/s Maa Durga Rice…
The Corporate Debtor…