IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manor Floatel Limited, claiming a default of Rs. 32,22,46,170/-. The financial assistance was granted to the Corporate Debtor to set up a floating hotel. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 31/3/2008. The Financial Creditor also initiated recovery proceedings before the Debts Recovery Tribunal and issued a statutory notice under the SARFAESI Act, 2002.
IDBI Bank Limited, the Financial Creditor, filed an application against Manor Floatel Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had granted financial assistance to the Corporate Debtor to establish a floating hotel. The Corporate Debtor defaulted on payments, leading to the account being classified as a Non-Performing Asset (NPA) on March 31, 2008. The total amount of default as of June 30, 2017, was Rs. 32,22,46,170/-. The Financial Creditor also initiated recovery proceedings before the Debts Recovery Tribunal and issued a statutory notice under the SARFAESI Act, 2002. The Corporate Debtor admitted to availing Venture Capital Assistance of Rs. 587 lakh and a Venture Capital Fund Scheme of Rs.
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Venture Capital Fund…
Venture Capital Fund…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Manor Floatel Limited, claiming a default of Rs. 32,22,46,170/-. The financial assistance was granted to the Corporate Debtor to set up a floating hotel. The Corporate Debtor defaulted in repayment, leading to the account being classified as NPA on 31/3/2008. The Financial Creditor also initiated recovery proceedings before the Debts Recovery Tribunal and issued a statutory notice under the SARFAESI Act, 2002.
IDBI Bank Limited, the Financial Creditor, filed an application against Manor Floatel Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had granted financial assistance to the Corporate Debtor to establish a floating hotel. The Corporate Debtor defaulted on payments, leading to the account being classified as a Non-Performing Asset (NPA) on March 31, 2008. The total amount of default as of June 30, 2017, was Rs. 32,22,46,170/-. The Financial Creditor also initiated recovery proceedings before the Debts Recovery Tribunal and issued a statutory notice under the SARFAESI Act, 2002. The Corporate Debtor admitted to availing Venture Capital Assistance of Rs. 587 lakh and a Venture Capital Fund Scheme of Rs.
…Venture Capital Fund…
Venture Capital Fund…