Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nakoda Ltd. The application was filed due to a default amount of Rs. 375,27,17,744.84 along with interest and penal interest aggregating to Rs. 908,68,77,953.84. The date of default was 31.12.2019. The Financial Creditor had granted and disbursed loans to the Corporate Debtor from 1986 to 2013, totaling Rs. 428.00 crores. The Corporate Debtor's account was classified as NPA on 31.05.2014.
Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Nakoda Ltd., the corporate debtor. The application was based on a default amount of Rs. 375,27,17,744.84, along with interest and penal interest aggregating to Rs. 908,68,77,953.84. The date of default was 31.12.2019. From 1986 to 2013, Canara Bank had granted and disbursed loans to Nakoda Ltd., totaling Rs. 428.00 crores. The account of the corporate debtor was classified as NPA on 31.05.2014. The last credit entry in the accounts of the corporate debtor was on 12.10.2015 for an amount of Rs. 5,55,988. The corporate debtor acknowledged its liability in its balance sheet and auditor's report as of 31.03.2015, 31.03.2016 and
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Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nakoda Ltd. The application was filed due to a default amount of Rs. 375,27,17,744.84 along with interest and penal interest aggregating to Rs. 908,68,77,953.84. The date of default was 31.12.2019. The Financial Creditor had granted and disbursed loans to the Corporate Debtor from 1986 to 2013, totaling Rs. 428.00 crores. The Corporate Debtor's account was classified as NPA on 31.05.2014.
Canara Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Nakoda Ltd., the corporate debtor. The application was based on a default amount of Rs. 375,27,17,744.84, along with interest and penal interest aggregating to Rs. 908,68,77,953.84. The date of default was 31.12.2019. From 1986 to 2013, Canara Bank had granted and disbursed loans to Nakoda Ltd., totaling Rs. 428.00 crores. The account of the corporate debtor was classified as NPA on 31.05.2014. The last credit entry in the accounts of the corporate debtor was on 12.10.2015 for an amount of Rs. 5,55,988. The corporate debtor acknowledged its liability in its balance sheet and auditor's report as of 31.03.2015, 31.03.2016 and
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