Dena Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Nitin Fire Protection Industries Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in repayment of facilities granted by Dena Bank. The bank claimed a default from 03.04.2017 onwards.
Dena Bank, the Petitioner, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Nitin Fire Protection Industries Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition was the Corporate Debtor's alleged default in repaying facilities granted by Dena Bank. The default was claimed to have occurred from 03.04.2017 onwards. Dena Bank had extended various credit facilities to the Corporate Debtor, including cash credit of Rs. 15,00,00,000/-, letter of credit of Rs. 26,00,00,000/-, and bank guarantee of Rs. 10,00,00,000/-, totaling Rs. 51,00,00,000/-. The bank enclosed a sanction letter dated 25.03.2013, security documents, and a statement of account to support its claim. The Corporate
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Dena Bank issued a…
Certificate of…
Dena Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Nitin Fire Protection Industries Limited, the Corporate Debtor. The petition was based on the Corporate Debtor's alleged default in repayment of facilities granted by Dena Bank. The bank claimed a default from 03.04.2017 onwards.
Dena Bank, the Petitioner, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Nitin Fire Protection Industries Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The basis for the petition was the Corporate Debtor's alleged default in repaying facilities granted by Dena Bank. The default was claimed to have occurred from 03.04.2017 onwards. Dena Bank had extended various credit facilities to the Corporate Debtor, including cash credit of Rs. 15,00,00,000/-, letter of credit of Rs. 26,00,00,000/-, and bank guarantee of Rs. 10,00,00,000/-, totaling Rs. 51,00,00,000/-. The bank enclosed a sanction letter dated 25.03.2013, security documents, and a statement of account to support its claim. The Corporate
…Dena Bank issued a…
Certificate of…