Bank of India 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, 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 cash credit term loans, from the applicant/financial creditor. The loans were secured by hypothecation of movables and mortgage of immovable properties. The loan accounts slipped into non-performing assets on 15.05.2014, and 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 cash credit term loans, from the applicant/financial creditor, secured by hypothecation of movables and mortgage of immovable properties. The loan accounts became non-performing assets (NPA) on 15.05.2014. Despite repeated reminders, the corporate debtor failed to repay the loan. The corporate debtor stated that it had approached the applicant's bank for enhancement
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Bank of India 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, 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 cash credit term loans, from the applicant/financial creditor. The loans were secured by hypothecation of movables and mortgage of immovable properties. The loan accounts slipped into non-performing assets on 15.05.2014, and 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 cash credit term loans, from the applicant/financial creditor, secured by hypothecation of movables and mortgage of immovable properties. The loan accounts became non-performing assets (NPA) on 15.05.2014. Despite repeated reminders, the corporate debtor failed to repay the loan. The corporate debtor stated that it had approached the applicant's bank for enhancement
…The loan accounts of…
The Corporate Debtor…