Union Bank of India filed a petition on 2018-09-14 under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phadnis Resorts and Spa India Limited (PR&SIL) to claim an outstanding financial debt of ₹10 Crores. The debt was in the nature of a Term Loan sanctioned on 2015-06-30 and disbursed on the same date. PR&SIL had approached UBI on 2015-06-27 for a loan of ₹15 Crores under the Union Bank Mortgage Scheme for augmenting working capital and other operational needs. The property of the Debtor Company was mortgaged.
Union Bank of India (UBI) filed a petition against Phadnis Resorts and Spa India Limited (PR&SIL) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding financial debt of ₹10 Crores. The debt arose from a Term Loan sanctioned by UBI on 2015-06-30 and disbursed on the same date. PR&SIL had requested a loan of ₹15 Crores under the Union Bank Mortgage Scheme on 2015-06-27 for working capital and operational needs, mortgaging its property as security. The loan was to be repaid within 12 months as a bullet repayment with monthly interest servicing. UBI issued a Demand Notice on 2016-10-17 after PR&SIL defaulted, classifying the account as NPA on 2016-09-30. The debt
…Sign in to view the parties.
Phadnis Resorts and Spa India Limited…
Union Bank of India sanctioned and disbursed a…
Union Bank of India filed a petition on 2018-09-14 under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Phadnis Resorts and Spa India Limited (PR&SIL) to claim an outstanding financial debt of ₹10 Crores. The debt was in the nature of a Term Loan sanctioned on 2015-06-30 and disbursed on the same date. PR&SIL had approached UBI on 2015-06-27 for a loan of ₹15 Crores under the Union Bank Mortgage Scheme for augmenting working capital and other operational needs. The property of the Debtor Company was mortgaged.
Union Bank of India (UBI) filed a petition against Phadnis Resorts and Spa India Limited (PR&SIL) under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to an outstanding financial debt of ₹10 Crores. The debt arose from a Term Loan sanctioned by UBI on 2015-06-30 and disbursed on the same date. PR&SIL had requested a loan of ₹15 Crores under the Union Bank Mortgage Scheme on 2015-06-27 for working capital and operational needs, mortgaging its property as security. The loan was to be repaid within 12 months as a bullet repayment with monthly interest servicing. UBI issued a Demand Notice on 2016-10-17 after PR&SIL defaulted, classifying the account as NPA on 2016-09-30. The debt
…Phadnis Resorts and Spa India Limited…
Union Bank of India sanctioned and disbursed a…