Central Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against NCML Industries Limited, the corporate debtor. The financial creditor claimed default on financial debt granted to the corporate debtor, including fresh working capital limits and LC development facilities. The corporate debtor opposed the admission of the application, arguing it was incomplete and not maintainable without joining the lead bank.
Central Bank of India, the financial creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against NCML Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor had granted fresh working capital limits (FLC) of Rs. 40 crores to the corporate debtor on 17.09.2012, which was subsequently renewed. Further debt was granted upon review-cum-enhancement proposal, increasing the FLC limit to Rs. 50 crores on 13.11.2013, along with a fresh limit as CC (Hypothecation) for Rs. 7 crores. The principal amount in default under the CC (Hypothecation) limit as on 25.07.2017 was claimed to be Rs. 9,93,34,797, and the default amount towards LC development as on 25.07.2017 was claimed to be Rs.
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NCML Industries…
Rs. 40 crores fresh…
Central Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against NCML Industries Limited, the corporate debtor. The financial creditor claimed default on financial debt granted to the corporate debtor, including fresh working capital limits and LC development facilities. The corporate debtor opposed the admission of the application, arguing it was incomplete and not maintainable without joining the lead bank.
Central Bank of India, the financial creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against NCML Industries Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor had granted fresh working capital limits (FLC) of Rs. 40 crores to the corporate debtor on 17.09.2012, which was subsequently renewed. Further debt was granted upon review-cum-enhancement proposal, increasing the FLC limit to Rs. 50 crores on 13.11.2013, along with a fresh limit as CC (Hypothecation) for Rs. 7 crores. The principal amount in default under the CC (Hypothecation) limit as on 25.07.2017 was claimed to be Rs. 9,93,34,797, and the default amount towards LC development as on 25.07.2017 was claimed to be Rs.
…NCML Industries…
Rs. 40 crores fresh…