Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mount Shivalik Industries Limited. The corporate debtor was incorporated on 08.01.1993 and is engaged in manufacturing and marketing of beer. The bank had sanctioned financial facilities to the corporate debtor on 08.10.2014, including a cash credit of Rs. 14 crores, a letter of credit of Rs. 3 crores, a bank guarantee of Rs. 0.50 crores, and a term loan of Rs. 1.03 crores.
Oriental Bank of Commerce (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mount Shivalik Industries Limited (the Respondent/Corporate Debtor). The Corporate Debtor was incorporated on 08.01.1993 and is engaged in manufacturing and marketing of beer. The Applicant had sanctioned financial facilities to the Corporate Debtor on 08.10.2014, including a cash credit of Rs. 14 crores, a letter of credit of Rs. 3 crores, a bank guarantee of Rs. 0.50 crores, and a term loan of Rs. 1.03 crores. The Corporate Debtor signed and executed various security and loaning documents to secure the financial facilities. Mr. B. D. Bali, Sh. Sanjiv Bali, and Sh. Rajiv Bali
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Mount Shivalik…
Oriental Bank of Commerce sanctioned financial…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mount Shivalik Industries Limited. The corporate debtor was incorporated on 08.01.1993 and is engaged in manufacturing and marketing of beer. The bank had sanctioned financial facilities to the corporate debtor on 08.10.2014, including a cash credit of Rs. 14 crores, a letter of credit of Rs. 3 crores, a bank guarantee of Rs. 0.50 crores, and a term loan of Rs. 1.03 crores.
Oriental Bank of Commerce (the Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mount Shivalik Industries Limited (the Respondent/Corporate Debtor). The Corporate Debtor was incorporated on 08.01.1993 and is engaged in manufacturing and marketing of beer. The Applicant had sanctioned financial facilities to the Corporate Debtor on 08.10.2014, including a cash credit of Rs. 14 crores, a letter of credit of Rs. 3 crores, a bank guarantee of Rs. 0.50 crores, and a term loan of Rs. 1.03 crores. The Corporate Debtor signed and executed various security and loaning documents to secure the financial facilities. Mr. B. D. Bali, Sh. Sanjiv Bali, and Sh. Rajiv Bali
…Mount Shivalik…
Oriental Bank of Commerce sanctioned financial…