The case pertains to an application filed by 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, to initiate the corporate insolvency resolution process against OSIL Exports Limited, the corporate debtor. The corporate debtor was availing loan/credit facilities from a consortium of banks since 1996. The account of the corporate debtor was declared NPA on 31.12.2015, with a total outstanding amount of ₹120.89 crores. The petitioner bank also issued a notice under Section 13(2) of the SARFAESI Act, 2002.
Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against OSIL Exports Limited. OSIL Exports Limited had been availing loan/credit facilities from a consortium of banks since 1996. The corporate debtor's account was declared NPA on 31.12.2015, with a total outstanding amount of ₹120.89 crores. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002. The respondent-corporate debtor was incorporated on 01.04.2008. The corporate debtor has an authorized capital of ₹25,00,00,000/- and a paid-up capital of ₹13,55,75,880/-. The total sanction granted to the respondent-corporate debtor towards the loan facilities is to the tune of ₹154.63
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OSIL Exports Limited…
OSIL Exports Limited…
The case pertains to an application filed by 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, to initiate the corporate insolvency resolution process against OSIL Exports Limited, the corporate debtor. The corporate debtor was availing loan/credit facilities from a consortium of banks since 1996. The account of the corporate debtor was declared NPA on 31.12.2015, with a total outstanding amount of ₹120.89 crores. The petitioner bank also issued a notice under Section 13(2) of the SARFAESI Act, 2002.
Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against OSIL Exports Limited. OSIL Exports Limited had been availing loan/credit facilities from a consortium of banks since 1996. The corporate debtor's account was declared NPA on 31.12.2015, with a total outstanding amount of ₹120.89 crores. The bank issued a notice under Section 13(2) of the SARFAESI Act, 2002. The respondent-corporate debtor was incorporated on 01.04.2008. The corporate debtor has an authorized capital of ₹25,00,00,000/- and a paid-up capital of ₹13,55,75,880/-. The total sanction granted to the respondent-corporate debtor towards the loan facilities is to the tune of ₹154.63
…OSIL Exports Limited…
OSIL Exports Limited…