The case involves a Company Petition filed by Indian Bank (Creditor Bank) under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. PVS Textiles Private Limited (Corporate Debtor). The Creditor Bank claims that the Corporate Debtor defaulted in repaying an amount of ₹81,51,18,576.71 as of 31.10.2013, with applicable interest. The Corporate Debtor had availed various credit facilities since 2003, including Cash Credit, Term Loans, Bank Guarantees, and Forward Purchase Contracts.
Indian Bank (Creditor Bank) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. PVS Textiles Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on a payment of ₹81,51,18,576.71 as of 31.10.2013. The Corporate Debtor had availed credit facilities since 2003. The Creditor Bank provided dates and events to support its claim, including loan sanction letters, financial contracts, acknowledgement of debt, registration of charge, declaration of NPA, demand notices, and possession notices. The Corporate Debtor argued that the Creditor Bank had lost its statutory power to demand repayment. The Financial Creditor submitted that the Corporate Debtor
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Corporate Debtor…
Loan sanction letters…
The case involves a Company Petition filed by Indian Bank (Creditor Bank) under Section 7 of the Insolvency and Bankruptcy Code (IBC) for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. PVS Textiles Private Limited (Corporate Debtor). The Creditor Bank claims that the Corporate Debtor defaulted in repaying an amount of ₹81,51,18,576.71 as of 31.10.2013, with applicable interest. The Corporate Debtor had availed various credit facilities since 2003, including Cash Credit, Term Loans, Bank Guarantees, and Forward Purchase Contracts.
Indian Bank (Creditor Bank) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. PVS Textiles Private Limited (Corporate Debtor). The Corporate Debtor allegedly defaulted on a payment of ₹81,51,18,576.71 as of 31.10.2013. The Corporate Debtor had availed credit facilities since 2003. The Creditor Bank provided dates and events to support its claim, including loan sanction letters, financial contracts, acknowledgement of debt, registration of charge, declaration of NPA, demand notices, and possession notices. The Corporate Debtor argued that the Creditor Bank had lost its statutory power to demand repayment. The Financial Creditor submitted that the Corporate Debtor
…Corporate Debtor…
Loan sanction letters…