Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pro Minerals Private Limited, the Corporate Debtor, for defaulting on financial debt. The application was filed due to the Corporate Debtor's failure to make payments on term loans and working capital facilities, which aggregated to Rs. 156,13,53,860. The bank sought initiation of the Corporate Insolvency Resolution Process (CIRP).
Bank of Baroda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pro Minerals Private Limited, a corporate debtor. The application was filed due to the corporate debtor's default in payment of financial debt. The corporate debtor is registered under the Companies Act, 1956. Bank of Baroda had extended financial assistance to the corporate debtor, including term loans and working capital facilities, aggregating to Rs. 156,13,53,860. The total outstanding exposure as of June 30, 2017, was Rs. 161,12,57,407.96, including principal, accrued interest, and penal interest. The corporate debtor raised a preliminary objection regarding the authorization of the officer who filed the petition. The bank submitted
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Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pro Minerals Private Limited, the Corporate Debtor, for defaulting on financial debt. The application was filed due to the Corporate Debtor's failure to make payments on term loans and working capital facilities, which aggregated to Rs. 156,13,53,860. The bank sought initiation of the Corporate Insolvency Resolution Process (CIRP).
Bank of Baroda, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pro Minerals Private Limited, a corporate debtor. The application was filed due to the corporate debtor's default in payment of financial debt. The corporate debtor is registered under the Companies Act, 1956. Bank of Baroda had extended financial assistance to the corporate debtor, including term loans and working capital facilities, aggregating to Rs. 156,13,53,860. The total outstanding exposure as of June 30, 2017, was Rs. 161,12,57,407.96, including principal, accrued interest, and penal interest. The corporate debtor raised a preliminary objection regarding the authorization of the officer who filed the petition. The bank submitted
…Date of the working Capital Consortium…
Date of the Demand…