Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Multiwal Pulp and Board Mills Private Limited, the corporate debtor. The application was based on a default in repayment of a decreed amount. The corporate debtor argued difficulties faced due to closure of production activities directed by the Central Pollution Control Board. The applicant bank claimed a decreed amount of Rs. 56,70,74,811.06/- along with interest was due from the respondent company, based on a judgment dated 15.10.2018 passed by the Debts Recovery Tribunal.
Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Multiwal Pulp and Board Mills Private Limited. The application was based on a default in repayment of a decreed amount of Rs. 56,70,74,811.06/- along with interest. This amount was awarded by the Debts Recovery Tribunal, Delhi, in O.A. No. 28/2016, in favor of Corporation Bank and against M/s. Multiwal Pulp and Board Mills Private Limited. The loan facilities, totaling Rs. 50 Crores, were sanctioned on 01.04.2013, including a cash credit facility of Rs. 30 Crores and an Inland/Import Letter of Credit facility of Rs. 20 Crores. The corporate debtor had created an equitable mortgage by depositing the
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Corporation Bank sanctioned a total loan of Rs.…
Central Pollution Control Board directed…
Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Multiwal Pulp and Board Mills Private Limited, the corporate debtor. The application was based on a default in repayment of a decreed amount. The corporate debtor argued difficulties faced due to closure of production activities directed by the Central Pollution Control Board. The applicant bank claimed a decreed amount of Rs. 56,70,74,811.06/- along with interest was due from the respondent company, based on a judgment dated 15.10.2018 passed by the Debts Recovery Tribunal.
Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Multiwal Pulp and Board Mills Private Limited. The application was based on a default in repayment of a decreed amount of Rs. 56,70,74,811.06/- along with interest. This amount was awarded by the Debts Recovery Tribunal, Delhi, in O.A. No. 28/2016, in favor of Corporation Bank and against M/s. Multiwal Pulp and Board Mills Private Limited. The loan facilities, totaling Rs. 50 Crores, were sanctioned on 01.04.2013, including a cash credit facility of Rs. 30 Crores and an Inland/Import Letter of Credit facility of Rs. 20 Crores. The corporate debtor had created an equitable mortgage by depositing the
…Corporation Bank sanctioned a total loan of Rs.…
Central Pollution Control Board directed…