UCO Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against PMT Machines Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the corporate debtor's default in repaying a sum of Rs. 119,76,00,000/- as on 31.05.2018, including interest, with the date of default being 31.12.2011. The petitioner had extended credit facilities to the corporate debtor, which were renewed and enhanced over time. The petition included various security documents connected with the sanctioned facilities, such as deeds of mortgage, promissory notes, letters of continuity, and guarantees.
UCO Bank extended credit facilities to PMT Machines Limited, which were renewed over time. On 15.04.2006, the credit facilities were renewed to Rs. 55.70 Lakhs, and subsequently on 29.08.2007, they were enhanced to Rs. 99.70 Lakhs. A final renewal letter dated 30.03.2012 indicated renewed facilities of Rs. 95.48 Crores, including cash credit, WCDL, bank guarantees, and ILC/FLC. As of the petition date, Rs. 36.96 crores were outstanding. The total outstanding amount, including interest, was Rs. 119,76,00,000/- as on 31.05.2018, with the default date being 31.12.2011. The petitioner provided security documents, including mortgages, promissory notes, letters of continuity, and guarantees. The Corporate Debtor made payments of Rs. 6,35,00,000/- and Rs. 19,20,00,000/- on
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UCO Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against PMT Machines Limited, the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on the corporate debtor's default in repaying a sum of Rs. 119,76,00,000/- as on 31.05.2018, including interest, with the date of default being 31.12.2011. The petitioner had extended credit facilities to the corporate debtor, which were renewed and enhanced over time. The petition included various security documents connected with the sanctioned facilities, such as deeds of mortgage, promissory notes, letters of continuity, and guarantees.
UCO Bank extended credit facilities to PMT Machines Limited, which were renewed over time. On 15.04.2006, the credit facilities were renewed to Rs. 55.70 Lakhs, and subsequently on 29.08.2007, they were enhanced to Rs. 99.70 Lakhs. A final renewal letter dated 30.03.2012 indicated renewed facilities of Rs. 95.48 Crores, including cash credit, WCDL, bank guarantees, and ILC/FLC. As of the petition date, Rs. 36.96 crores were outstanding. The total outstanding amount, including interest, was Rs. 119,76,00,000/- as on 31.05.2018, with the default date being 31.12.2011. The petitioner provided security documents, including mortgages, promissory notes, letters of continuity, and guarantees. The Corporate Debtor made payments of Rs. 6,35,00,000/- and Rs. 19,20,00,000/- on
…Petitioner renewed…
Petitioner renewed and…