The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by United Bank of India (the Creditor Bank) against M/s. R.A Samy Trading Private Limited (the Corporate Debtor). The Creditor Bank sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, alleging default in repayment of loan facilities. The Corporate Debtor had availed various loan facilities sanctioned by the Creditor Bank, including term loans and cash credit facilities. The Corporate Debtor failed to repay the outstanding amount, leading the Creditor Bank to file the petition. An OTS (One Time Settlement) was entered into, but the Corporate Debtor failed to adhere to the terms of the OTS, leading to its cancellation.
United Bank of India sanctioned various loan facilities to M/s. R.A Samy Trading Private Limited. The total credit facility amounted to ₹2450.82 lakhs, including takeover of term loan and cash credit from SBBJ, and fresh sanction of term loan and additional cash credit. The Corporate Debtor executed several documents, including a Demand Promissory Note, Hypothecation Agreements, and Agreements of Guarantee. The Corporate Debtor deposited title deeds as equitable mortgage. The Corporate Debtor failed to repay the claim amount of ₹22,49,92,832 as on 19.02.2019, along with further interest. The account was declared NPA on 30.06.2013. The Corporate Debtor entered into an OTS on 01.12.2018 but failed to adhere to its terms, paying only ₹5 crores on 01.12.2018 and ₹1 crore
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The case involves a Company Petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 by United Bank of India (the Creditor Bank) against M/s. R.A Samy Trading Private Limited (the Corporate Debtor). The Creditor Bank sought initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, alleging default in repayment of loan facilities. The Corporate Debtor had availed various loan facilities sanctioned by the Creditor Bank, including term loans and cash credit facilities. The Corporate Debtor failed to repay the outstanding amount, leading the Creditor Bank to file the petition. An OTS (One Time Settlement) was entered into, but the Corporate Debtor failed to adhere to the terms of the OTS, leading to its cancellation.
United Bank of India sanctioned various loan facilities to M/s. R.A Samy Trading Private Limited. The total credit facility amounted to ₹2450.82 lakhs, including takeover of term loan and cash credit from SBBJ, and fresh sanction of term loan and additional cash credit. The Corporate Debtor executed several documents, including a Demand Promissory Note, Hypothecation Agreements, and Agreements of Guarantee. The Corporate Debtor deposited title deeds as equitable mortgage. The Corporate Debtor failed to repay the claim amount of ₹22,49,92,832 as on 19.02.2019, along with further interest. The account was declared NPA on 30.06.2013. The Corporate Debtor entered into an OTS on 01.12.2018 but failed to adhere to its terms, paying only ₹5 crores on 01.12.2018 and ₹1 crore
…Creditor Bank…
Corporate Debtor…