Dena Bank filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on the grounds that the Corporate Debtor defaulted on a loan payment due on 2015-12-20, with the outstanding amount totaling ₹7,00,72,142 as of 2017-12-31. The loan was initially sanctioned in 2013 and subsequently restructured. Dena Bank also issued a SARFAESI notice to the Corporate Debtor.
Dena Bank, a financial creditor, filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the corporate debtor's default on a loan payment. The loan, initially sanctioned in 2013, was restructured, and the corporate debtor defaulted on 2015-12-20. The outstanding amount was ₹7,00,72,142 as of 2017-12-31. Dena Bank had converted an existing CC Hypo limit of ₹500 lakhs to a Working Capital Demand Loan with a reduction to ₹495 lakhs. The corporate debtor acknowledged the sanction of the conversion. Dena Bank also issued a SARFAESI notice dated 2016-02-03, calling upon the
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The loan was i…
The loan was restructured…
Dena Bank filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on the grounds that the Corporate Debtor defaulted on a loan payment due on 2015-12-20, with the outstanding amount totaling ₹7,00,72,142 as of 2017-12-31. The loan was initially sanctioned in 2013 and subsequently restructured. Dena Bank also issued a SARFAESI notice to the Corporate Debtor.
Dena Bank, a financial creditor, filed a petition against Om Shiv Hydro Power and Constructions Pvt. Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The basis for the petition was the corporate debtor's default on a loan payment. The loan, initially sanctioned in 2013, was restructured, and the corporate debtor defaulted on 2015-12-20. The outstanding amount was ₹7,00,72,142 as of 2017-12-31. Dena Bank had converted an existing CC Hypo limit of ₹500 lakhs to a Working Capital Demand Loan with a reduction to ₹495 lakhs. The corporate debtor acknowledged the sanction of the conversion. Dena Bank also issued a SARFAESI notice dated 2016-02-03, calling upon the
…The loan was i…
The loan was restructured…