M/s. Sir M. Visvesvaraya Co-operative Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Right Engineers and Equipment India Private Limited, citing a default of Rs. 14,47,89,162 as of June 30, 2019. The financial creditor had sanctioned financial assistance to the corporate debtor, which the corporate debtor failed to repay despite notices. The corporate debtor acknowledged the debt and default but attributed it to economic sluggishness and working capital shortages.
M/s. Sir M. Visvesvaraya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC against M/s. Right Engineers and Equipment India Private Limited (Corporate Debtor) due to a default of Rs. 14,47,89,162 as of June 30, 2019. The Financial Creditor had sanctioned a term loan of Rs. 10,40,00,000 and a secured cash credit of Rs. 4,40,00,000 to the Corporate Debtor in October 2016. The Corporate Debtor offered security in the form of plant and machinery, furniture, fixtures, and mortgage of factory land and building. The directors of the Corporate Debtor also offered personal guarantees. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue notices. The Corporate Debtor acknowledged the debt but
…Sign in to view the parties.
The Financial Creditor sanctioned a term loan…
The Financial Creditor issued a notice to…
M/s. Sir M. Visvesvaraya Co-operative Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Right Engineers and Equipment India Private Limited, citing a default of Rs. 14,47,89,162 as of June 30, 2019. The financial creditor had sanctioned financial assistance to the corporate debtor, which the corporate debtor failed to repay despite notices. The corporate debtor acknowledged the debt and default but attributed it to economic sluggishness and working capital shortages.
M/s. Sir M. Visvesvaraya Co-operative Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC against M/s. Right Engineers and Equipment India Private Limited (Corporate Debtor) due to a default of Rs. 14,47,89,162 as of June 30, 2019. The Financial Creditor had sanctioned a term loan of Rs. 10,40,00,000 and a secured cash credit of Rs. 4,40,00,000 to the Corporate Debtor in October 2016. The Corporate Debtor offered security in the form of plant and machinery, furniture, fixtures, and mortgage of factory land and building. The directors of the Corporate Debtor also offered personal guarantees. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to issue notices. The Corporate Debtor acknowledged the debt but
…The Financial Creditor sanctioned a term loan…
The Financial Creditor issued a notice to…