Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Renaissance Education Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹11,85,86,518/- as of 04.07.2019. The Corporate Debtor defaulted in repaying the loan amounts on 01.07.2013. The Applicant issued a Loan Recall Notice dated 08.10.2013 under section 13(2) of SARFAESI Act, 2002 demanding payment of ₹6,11,42,097/-. The Corporate Debtor argued that the application was barred by limitation, as the default date was 01.07.2013 and the application was filed on 11.07.2019. The Applicant contended that the application was within the period of limitation as SARFAESI proceedings were initiated within
…Bank of Baroda extended financial assistance to Renaissance Education Private Limited through various term loans totaling ₹9,91,00,000. The loans were disbursed between 2009 and 2012. The Corporate Debtor defaulted in repaying the loan amounts on 01.07.2013, leading to the account being classified as a Non-Performing Asset (NPA) on 22.09.2013. Bank of Baroda issued a Loan Recall Notice on 08.10.2013 demanding payment of ₹6,11,42,097. The Corporate Debtor made some payments, including ₹50,00,000 recovered through the Debt Recovery Tribunal. A One Time Settlement (OTS) proposal was made on 27.03.2018, but the Corporate Debtor did not adhere to it. Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 11.07.2019, claiming
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Term Loan -I…
Term Loan -II…
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Renaissance Education Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹11,85,86,518/- as of 04.07.2019. The Corporate Debtor defaulted in repaying the loan amounts on 01.07.2013. The Applicant issued a Loan Recall Notice dated 08.10.2013 under section 13(2) of SARFAESI Act, 2002 demanding payment of ₹6,11,42,097/-. The Corporate Debtor argued that the application was barred by limitation, as the default date was 01.07.2013 and the application was filed on 11.07.2019. The Applicant contended that the application was within the period of limitation as SARFAESI proceedings were initiated within
…Bank of Baroda extended financial assistance to Renaissance Education Private Limited through various term loans totaling ₹9,91,00,000. The loans were disbursed between 2009 and 2012. The Corporate Debtor defaulted in repaying the loan amounts on 01.07.2013, leading to the account being classified as a Non-Performing Asset (NPA) on 22.09.2013. Bank of Baroda issued a Loan Recall Notice on 08.10.2013 demanding payment of ₹6,11,42,097. The Corporate Debtor made some payments, including ₹50,00,000 recovered through the Debt Recovery Tribunal. A One Time Settlement (OTS) proposal was made on 27.03.2018, but the Corporate Debtor did not adhere to it. Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, on 11.07.2019, claiming
…Term Loan -I…
Term Loan -II…