Andhra Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Project Master Electricals Pvt Ltd, the Corporate Debtor. The Corporate Debtor defaulted on repayment of ₹10,55,03,953. Andhra Bank repeatedly demanded repayment, but the account became NPA on 2016-12-29. Andhra Bank filed the petition to initiate the Insolvency Resolution Process.
Andhra Bank filed a petition against Project Master Electricals Pvt Ltd under Section 7 of the IBC, 2016, due to a default in repayment of ₹10,55,03,953. The Corporate Debtor's account was declared NPA on 2016-12-29. Andhra Bank had granted the Corporate Debtor various credit facilities, including Open Cash Credit of ₹9,00,00,000, a sub-limit against book debts of ₹4,50,00,000, a Letter of Credit of ₹3,00,00,000, and a Bank Guarantee of ₹3,00,00,000. The Corporate Debtor executed various documents on 2015-11-07, including a Demand Promissory Note, Composite Agreement, Counter Guarantee, and Confirmation Letter for mortgage creation. The Petitioner issued a notice under Section 13(2) of the SARFAESI Act on 2017-01-03. The Petitioner also filed a CIBIL Report dated
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Andhra Bank issued a sanction letter…
The charge was…
Andhra Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Project Master Electricals Pvt Ltd, the Corporate Debtor. The Corporate Debtor defaulted on repayment of ₹10,55,03,953. Andhra Bank repeatedly demanded repayment, but the account became NPA on 2016-12-29. Andhra Bank filed the petition to initiate the Insolvency Resolution Process.
Andhra Bank filed a petition against Project Master Electricals Pvt Ltd under Section 7 of the IBC, 2016, due to a default in repayment of ₹10,55,03,953. The Corporate Debtor's account was declared NPA on 2016-12-29. Andhra Bank had granted the Corporate Debtor various credit facilities, including Open Cash Credit of ₹9,00,00,000, a sub-limit against book debts of ₹4,50,00,000, a Letter of Credit of ₹3,00,00,000, and a Bank Guarantee of ₹3,00,00,000. The Corporate Debtor executed various documents on 2015-11-07, including a Demand Promissory Note, Composite Agreement, Counter Guarantee, and Confirmation Letter for mortgage creation. The Petitioner issued a notice under Section 13(2) of the SARFAESI Act on 2017-01-03. The Petitioner also filed a CIBIL Report dated
…Andhra Bank issued a sanction letter…
The charge was…