The case involves an application filed by Union Bank of India, a financial creditor, 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, for initiating the Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s NS Papers Limited. The corporate debtor was a manufacturer of paper and paper products and had approached the financial creditor for various loans to expand its business. The account of the corporate debtor was declared NPA on 31.10.2018 due to default occurred.
Union Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s NS Papers Limited, the corporate debtor. NS Papers Limited, a manufacturer of paper and paper products, had obtained various loans from Union Bank of India for business expansion. The financial creditor sanctioned a term loan of Rs. 34,80,00,000 vide its sanction letter dated 08-03-2013. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 31.10.2018 due to payment defaults. The financial creditor claimed a default amount of Rs. 82,26,39,988 as of 31.10.2018. The corporate debtor filed an affidavit stating it had no objection to the admission of the IB
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M/s NS Papers Ltd…
Financial creditors sanctioned the term loan…
The case involves an application filed by Union Bank of India, a financial creditor, 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, for initiating the Corporate Insolvency Resolution Process (CIRP) against the respondent/corporate debtor, M/s NS Papers Limited. The corporate debtor was a manufacturer of paper and paper products and had approached the financial creditor for various loans to expand its business. The account of the corporate debtor was declared NPA on 31.10.2018 due to default occurred.
Union Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s NS Papers Limited, the corporate debtor. NS Papers Limited, a manufacturer of paper and paper products, had obtained various loans from Union Bank of India for business expansion. The financial creditor sanctioned a term loan of Rs. 34,80,00,000 vide its sanction letter dated 08-03-2013. The corporate debtor's account was declared a Non-Performing Asset (NPA) on 31.10.2018 due to payment defaults. The financial creditor claimed a default amount of Rs. 82,26,39,988 as of 31.10.2018. The corporate debtor filed an affidavit stating it had no objection to the admission of the IB
…M/s NS Papers Ltd…
Financial creditors sanctioned the term loan…