Dena Bank, now known as Bank of Baroda, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against One World Travel Solutions Limited. The financial creditor claimed a default of INR 23,53,55,373/- as of 28.09.2018. The corporate debtor opposed the admission of the petition, raising several objections, including the validity of the letter of authority, the nature of the proceedings under the Code, and alleged coercion by the bank. The financial creditor argued that the corporate debtor defaulted on its debt and that the application met the requirements of Section 7 of the IBC.
Dena Bank (now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against One World Travel Solutions Limited. The corporate debtor is registered under the Companies Act, 1956, incorporated on 12.01.2011, with identification number U63000DL2011PLC212486. The financial creditor proposed Mr. Jatin Madan as the Resolution Professional. The financial debt claimed was INR 14,93,17,000/- sanctioned/renewed between 03.08.2011 and 30.10.2013. The total amount due as of 28.09.2018 was Rs. 23,53,55,373/- along with interest, with the date of default being 31.12.2014. The corporate debtor's account was classified as NPA on 31.12.2014. The financial creditor issued a notice dated
…Sign in to view the parties.
One World Travel…
Loan was sanctioned/renewed cum enhanced in…
Dena Bank, now known as Bank of Baroda, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against One World Travel Solutions Limited. The financial creditor claimed a default of INR 23,53,55,373/- as of 28.09.2018. The corporate debtor opposed the admission of the petition, raising several objections, including the validity of the letter of authority, the nature of the proceedings under the Code, and alleged coercion by the bank. The financial creditor argued that the corporate debtor defaulted on its debt and that the application met the requirements of Section 7 of the IBC.
Dena Bank (now Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against One World Travel Solutions Limited. The corporate debtor is registered under the Companies Act, 1956, incorporated on 12.01.2011, with identification number U63000DL2011PLC212486. The financial creditor proposed Mr. Jatin Madan as the Resolution Professional. The financial debt claimed was INR 14,93,17,000/- sanctioned/renewed between 03.08.2011 and 30.10.2013. The total amount due as of 28.09.2018 was Rs. 23,53,55,373/- along with interest, with the date of default being 31.12.2014. The corporate debtor's account was classified as NPA on 31.12.2014. The financial creditor issued a notice dated
…One World Travel…
Loan was sanctioned/renewed cum enhanced in…