The case involves a petition filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Max Flex & Imaging Systems Ltd, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 32,67,46,597.31. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 08.01.2015. The application was initially admitted but later an appeal was filed. The present application was then taken up for further hearing.
Bank of Baroda (formerly Dena Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Max Flex & Imaging Systems Ltd. The Corporate Debtor's account was declared NPA on 08.01.2015. The Financial Creditor claimed a total default of Rs. 32,67,46,597.31. The Corporate Debtor argued the application was barred by limitation. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, including cash credit hypothecation and letter of credit, totaling Rs. 20.00 crore, disbursed between 2013 and 2014. The loan was secured by a mortgage, with various supplemental indentures executed in 2014. The Corporate Debtor also hypothecated goods, book debts, and other movable assets. The Financial Creditor issued a recall
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The account of the…
The Financial Creditor issued a recall notice…
The case involves a petition filed by Bank of Baroda (formerly Dena Bank) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Max Flex & Imaging Systems Ltd, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 32,67,46,597.31. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 08.01.2015. The application was initially admitted but later an appeal was filed. The present application was then taken up for further hearing.
Bank of Baroda (formerly Dena Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Max Flex & Imaging Systems Ltd. The Corporate Debtor's account was declared NPA on 08.01.2015. The Financial Creditor claimed a total default of Rs. 32,67,46,597.31. The Corporate Debtor argued the application was barred by limitation. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, including cash credit hypothecation and letter of credit, totaling Rs. 20.00 crore, disbursed between 2013 and 2014. The loan was secured by a mortgage, with various supplemental indentures executed in 2014. The Corporate Debtor also hypothecated goods, book debts, and other movable assets. The Financial Creditor issued a recall
…The account of the…
The Financial Creditor issued a recall notice…