Bank of Baroda filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Mandhana Industries Ltd., the Corporate Debtor, for initiation of the Insolvency Resolution Process. The Corporate Debtor had availed loan facilities from the bank and defaulted on repayments. The bank sought initiation of the insolvency process due to the default.
Bank of Baroda, the Petitioner, filed a Company Petition against Mandhana Industries Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor had availed various loan facilities from the Bank, including a Term Loan Facility under a Common Loan Agreement dated September 8, 2008, for ₹80 crores, another Term Loan Facility on August 13, 2010, for ₹5 crores, and a Working Capital Term Loan facility on October 20, 2014. The total loan sanctioned and disbursed amounted to ₹308 crores. The Corporate Debtor defaulted on repayments, leading to the facilities becoming NPAs. As of August 31, 2017, the total default amount was ₹258,58,56,554. The Bank filed Annual Returns of the Corporate Debtor for the financial years
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Bank of Baroda filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Mandhana Industries Ltd., the Corporate Debtor, for initiation of the Insolvency Resolution Process. The Corporate Debtor had availed loan facilities from the bank and defaulted on repayments. The bank sought initiation of the insolvency process due to the default.
Bank of Baroda, the Petitioner, filed a Company Petition against Mandhana Industries Ltd., the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Corporate Debtor had availed various loan facilities from the Bank, including a Term Loan Facility under a Common Loan Agreement dated September 8, 2008, for ₹80 crores, another Term Loan Facility on August 13, 2010, for ₹5 crores, and a Working Capital Term Loan facility on October 20, 2014. The total loan sanctioned and disbursed amounted to ₹308 crores. The Corporate Debtor defaulted on repayments, leading to the facilities becoming NPAs. As of August 31, 2017, the total default amount was ₹258,58,56,554. The Bank filed Annual Returns of the Corporate Debtor for the financial years
…The Petitioner Bank entered into a Common…
The Petitioner Bank provided another Term…