Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Steel Rolling Mills Private Limited. The bank claimed that Mir Steel had defaulted on its loan obligations. The application was filed due to the account of Mir Steel becoming irregular and declared as NPA on 31.03.2016. The bank had granted credit facilities to Mir Steel, including term loans and cash credit facilities, starting in 2010. A One Time Settlement (OTS) was proposed in 2017, but the bank alleged that Mir Steel did not make payments as per the terms of the OTS. Mir Steel contended that there was a pre-existing dispute and that the OTS was wrongly revoked. Several civil
…Jammu & Kashmir Bank Ltd. (J&K Bank) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Steel Rolling Mills Private Limited (Mir Steel) under Section 7 of the Insolvency and Bankruptcy Code, 2016. J&K Bank had extended credit facilities to Mir Steel, including term loans and cash credit facilities, starting in 2010. In September 2014, Jammu & Kashmir experienced devastating floods, leading J&K Bank to formulate a rehabilitation scheme, under which Mir Steel availed a fresh working capital term loan. Mir Steel's account became irregular and was declared a Non-Performing Asset (NPA) on 31.03.2016. A recall notice was issued on 20.04.2016. The total outstanding balance as of 30.06.2018 was ₹72,39,61,277.74. A
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Mir Steel approached J&K Bank for a term loan…
The credit facility was…
Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Steel Rolling Mills Private Limited. The bank claimed that Mir Steel had defaulted on its loan obligations. The application was filed due to the account of Mir Steel becoming irregular and declared as NPA on 31.03.2016. The bank had granted credit facilities to Mir Steel, including term loans and cash credit facilities, starting in 2010. A One Time Settlement (OTS) was proposed in 2017, but the bank alleged that Mir Steel did not make payments as per the terms of the OTS. Mir Steel contended that there was a pre-existing dispute and that the OTS was wrongly revoked. Several civil
…Jammu & Kashmir Bank Ltd. (J&K Bank) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against Mir Steel Rolling Mills Private Limited (Mir Steel) under Section 7 of the Insolvency and Bankruptcy Code, 2016. J&K Bank had extended credit facilities to Mir Steel, including term loans and cash credit facilities, starting in 2010. In September 2014, Jammu & Kashmir experienced devastating floods, leading J&K Bank to formulate a rehabilitation scheme, under which Mir Steel availed a fresh working capital term loan. Mir Steel's account became irregular and was declared a Non-Performing Asset (NPA) on 31.03.2016. A recall notice was issued on 20.04.2016. The total outstanding balance as of 30.06.2018 was ₹72,39,61,277.74. A
…Mir Steel approached J&K Bank for a term loan…
The credit facility was…