Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Pacific Pipe Systems Private Limited due to defaults in repayment of term loans, FITL, and CC facilities. The bank, incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, claimed a total due of Rs. 49,35,84,364.77 as of 14.06.2018. The corporate debtor, incorporated on 08/03/2008, had availed various loan facilities from a consortium of member banks, including Bank of India, with a total aggregate limit of Rs. 61.85 Crores. The corporate debtor defaulted on 31/03/2014.
Bank of India, a financial creditor, filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pacific Pipe Systems Private Limited, a corporate debtor. The corporate debtor was incorporated on 08/03/2008 with CIN: U28110GJ2008PTC053182. The corporate debtor had a nominal share capital of Rs. 10,00,00,000/- and a paid-up capital of Rs. 5,00,00,000/-. The corporate debtor availed loan facilities from a consortium of member banks, including Bank of India, with a total aggregate limit of Rs. 61.85 Crores. The applicant sanctioned TL Loans and Cash Credit facilities for total aggregate Limit of Rs.61.85 Crores with terms and conditions including collateral securities of properties. The total aggregate limit of Rs.61.85 Crores (FB/NFB) was
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Pacific Pipe Systems…
The Applicant Bank sanctioned TL Loans and…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Pacific Pipe Systems Private Limited due to defaults in repayment of term loans, FITL, and CC facilities. The bank, incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970, claimed a total due of Rs. 49,35,84,364.77 as of 14.06.2018. The corporate debtor, incorporated on 08/03/2008, had availed various loan facilities from a consortium of member banks, including Bank of India, with a total aggregate limit of Rs. 61.85 Crores. The corporate debtor defaulted on 31/03/2014.
Bank of India, a financial creditor, filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pacific Pipe Systems Private Limited, a corporate debtor. The corporate debtor was incorporated on 08/03/2008 with CIN: U28110GJ2008PTC053182. The corporate debtor had a nominal share capital of Rs. 10,00,00,000/- and a paid-up capital of Rs. 5,00,00,000/-. The corporate debtor availed loan facilities from a consortium of member banks, including Bank of India, with a total aggregate limit of Rs. 61.85 Crores. The applicant sanctioned TL Loans and Cash Credit facilities for total aggregate Limit of Rs.61.85 Crores with terms and conditions including collateral securities of properties. The total aggregate limit of Rs.61.85 Crores (FB/NFB) was
…Pacific Pipe Systems…
The Applicant Bank sanctioned TL Loans and…