The Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Mir Kings Industries Pvt. Ltd., the corporate debtor. The bank claimed that the corporate debtor had defaulted on a term loan and a working capital facility. The corporate debtor argued that there was a pre-existing dispute and that an OTS proposal was pending. The bank contended that the OTS proposal was revoked due to non-payment.
Jammu & Kashmir Bank Ltd. (the financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Kings Industries Pvt. Ltd. (the corporate debtor). The corporate debtor had availed a term loan of ₹16.25 Crores and a working capital facility from the financial creditor. The credit facilities were disbursed on 26.11.2013 and 01.09.2014, respectively. The corporate debtor defaulted in making payments, and its account was declared a Non-Performing Asset (NPA) on 31.03.2016. The financial creditor issued a notice under the SARFAESI Act on 06.02.2017. The corporate debtor contended that there was a pre-existing dispute and that an OTS proposal was pending. The financial
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Special Power of Attorney dated 30.03.1994, in…
Copy of term loan and securities agreement…
The Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Mir Kings Industries Pvt. Ltd., the corporate debtor. The bank claimed that the corporate debtor had defaulted on a term loan and a working capital facility. The corporate debtor argued that there was a pre-existing dispute and that an OTS proposal was pending. The bank contended that the OTS proposal was revoked due to non-payment.
Jammu & Kashmir Bank Ltd. (the financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Kings Industries Pvt. Ltd. (the corporate debtor). The corporate debtor had availed a term loan of ₹16.25 Crores and a working capital facility from the financial creditor. The credit facilities were disbursed on 26.11.2013 and 01.09.2014, respectively. The corporate debtor defaulted in making payments, and its account was declared a Non-Performing Asset (NPA) on 31.03.2016. The financial creditor issued a notice under the SARFAESI Act on 06.02.2017. The corporate debtor contended that there was a pre-existing dispute and that an OTS proposal was pending. The financial
…Special Power of Attorney dated 30.03.1994, in…
Copy of term loan and securities agreement…