The case involves an application filed by the Liquidator under Section 35 of the Insolvency & Bankruptcy Code, 2016, seeking directions to Jammu & Kashmir Bank to hand over control of a Current Account (Escrow Account) to the Liquidator and refund money debited after the moratorium declaration under Section 14 of the IBC, 2016. The Corporate Debtor, REI Agro Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Surendra Kumar Joshi. Anil Goel was appointed as the Resolution Professional and later as the Liquidator after the CIRP failed to find a promoter for revival. The bank, being a financial creditor, allegedly did not comply with the Liquidator's instructions, leading to this application.
REI Agro Limited is the Corporate Debtor. Jammu & Kashmir Bank is a financial creditor with a branch at D-63, Basant Lok, Vasant Vihar, New Delhi. Anil Goel is the Liquidator. Surendra Kumar Joshi initiated the Corporate Insolvency Resolution Process (CIRP) against REI Agro Limited. The Corporate Debtor availed a term loan facility of Rs. 24,16,00,000 from the bank, executing a Facility Agreement dated 20-03-2014, creating a first-ranking exclusive charge on its assets. The Corporate Debtor also entered into an Escrow Agreement for depositing proceeds, revenue, and earnings. The Corporate Debtor failed to repay installments, leading the bank to recall the loan on 20-02-2015. The Resolution Professional failed to find a promoter, resulting in a liquidation order
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Corporate Debtor executed a Facility…
Jammu & Kashmir Bank recalled the term loan…
The case involves an application filed by the Liquidator under Section 35 of the Insolvency & Bankruptcy Code, 2016, seeking directions to Jammu & Kashmir Bank to hand over control of a Current Account (Escrow Account) to the Liquidator and refund money debited after the moratorium declaration under Section 14 of the IBC, 2016. The Corporate Debtor, REI Agro Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated by Surendra Kumar Joshi. Anil Goel was appointed as the Resolution Professional and later as the Liquidator after the CIRP failed to find a promoter for revival. The bank, being a financial creditor, allegedly did not comply with the Liquidator's instructions, leading to this application.
REI Agro Limited is the Corporate Debtor. Jammu & Kashmir Bank is a financial creditor with a branch at D-63, Basant Lok, Vasant Vihar, New Delhi. Anil Goel is the Liquidator. Surendra Kumar Joshi initiated the Corporate Insolvency Resolution Process (CIRP) against REI Agro Limited. The Corporate Debtor availed a term loan facility of Rs. 24,16,00,000 from the bank, executing a Facility Agreement dated 20-03-2014, creating a first-ranking exclusive charge on its assets. The Corporate Debtor also entered into an Escrow Agreement for depositing proceeds, revenue, and earnings. The Corporate Debtor failed to repay installments, leading the bank to recall the loan on 20-02-2015. The Resolution Professional failed to find a promoter, resulting in a liquidation order
…Corporate Debtor executed a Facility…
Jammu & Kashmir Bank recalled the term loan…