The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RK Infratel Limited, a corporate debtor, for defaulting on payments towards principal and interest on various credit facilities. The bank sought initiation of corporate insolvency resolution process (CIRP) against the debtor. The respondent raised objections, including the application being time-barred and the power of attorney of the applicant's representative being invalid. The financial creditor claimed a total outstanding amount of Rs. 24,62,98,391 as of March 31, 2019.
Union Bank of India, a banking company incorporated in 1919, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RK Infratel Limited, a company incorporated in 2011. The bank claimed that RK Infratel Limited had defaulted on payments towards principal and interest on working capital, letter of credit, and term loan facilities. The total outstanding amount was Rs. 24,62,98,391 as of March 31, 2019. The bank submitted various documents, including loan agreements, board resolutions, DP notes, hypothecation deeds, and account statements, to support its claim. RK Infratel Limited raised objections, arguing that the application was time-barred and that the power of attorney of the applicant's representative was invalid. The corporate
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Union Bank of India filed an application under…
The order…
The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RK Infratel Limited, a corporate debtor, for defaulting on payments towards principal and interest on various credit facilities. The bank sought initiation of corporate insolvency resolution process (CIRP) against the debtor. The respondent raised objections, including the application being time-barred and the power of attorney of the applicant's representative being invalid. The financial creditor claimed a total outstanding amount of Rs. 24,62,98,391 as of March 31, 2019.
Union Bank of India, a banking company incorporated in 1919, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against RK Infratel Limited, a company incorporated in 2011. The bank claimed that RK Infratel Limited had defaulted on payments towards principal and interest on working capital, letter of credit, and term loan facilities. The total outstanding amount was Rs. 24,62,98,391 as of March 31, 2019. The bank submitted various documents, including loan agreements, board resolutions, DP notes, hypothecation deeds, and account statements, to support its claim. RK Infratel Limited raised objections, arguing that the application was time-barred and that the power of attorney of the applicant's representative was invalid. The corporate
…Union Bank of India filed an application under…
The order…