The case involves a petition filed by The Janata Sahakari Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Oaisis Alcohol Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's failure to make payment of a sum of ₹34,10,18,430.39 as principal and ₹6,71,33,068.29 as interest as on 23.12.2018. An earlier petition filed by the Financial Creditor was withdrawn to allow for renegotiation and restructuring of the facilities extended to the Corporate Debtor, but the restructuring exercise failed.
The Janata Sahakari Bank Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Oaisis Alcohol Limited (Corporate Debtor). The Corporate Debtor is an unlisted public company incorporated on 21.01.2002. The petition was filed on 14.08.2019 due to the Corporate Debtor's failure to pay ₹34,10,18,430.39 as principal and ₹6,71,33,068.29 as interest as on 23.12.2018, which is the date of default. The Financial Creditor had extended credit facilities to the tune of about ₹63.30 crore against mortgage and first charge over its immovable and hypothecation of movable properties. The claim of the Financial Creditor arose out of a judgment and decree dated
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Oaisis Alcohol Limited…
Arbitral Tribunal…
The case involves a petition filed by The Janata Sahakari Bank Ltd. (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Oaisis Alcohol Limited (Corporate Debtor). The petition was filed due to the Corporate Debtor's failure to make payment of a sum of ₹34,10,18,430.39 as principal and ₹6,71,33,068.29 as interest as on 23.12.2018. An earlier petition filed by the Financial Creditor was withdrawn to allow for renegotiation and restructuring of the facilities extended to the Corporate Debtor, but the restructuring exercise failed.
The Janata Sahakari Bank Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Oaisis Alcohol Limited (Corporate Debtor). The Corporate Debtor is an unlisted public company incorporated on 21.01.2002. The petition was filed on 14.08.2019 due to the Corporate Debtor's failure to pay ₹34,10,18,430.39 as principal and ₹6,71,33,068.29 as interest as on 23.12.2018, which is the date of default. The Financial Creditor had extended credit facilities to the tune of about ₹63.30 crore against mortgage and first charge over its immovable and hypothecation of movable properties. The claim of the Financial Creditor arose out of a judgment and decree dated
…Oaisis Alcohol Limited…
Arbitral Tribunal…