The case involves two insolvency applications, CP No.(IB)70/ALD/2017 and CP No.(IB)71/ALD/2017, filed by Bank of Baroda against Rotomac Global Private Limited and Rotomac Exports Private Limited, respectively. These applications were filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). Rotomac Global Private Limited is the principal borrower, and Rotomac Exports Private Limited is the guarantor.
Bank of Baroda filed insolvency applications against Rotomac Global Pvt. Ltd. and Rotomac Exports Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Rotomac Global Pvt. Ltd. is the principal borrower, and Rotomac Exports Pvt. Ltd. is the guarantor. The Corporate Debtor Company defaulted in making payment of its debts for an outstanding amount of Rs.553,78,21,954.66/-. The admitted outstanding debts due by the Corporate Debtors in respect of other secured creditors also come around to Rs.4,420/- Crores. The Applicant Bank produced documents including statements of accounts, CIBIL reports, and reports of the Independent Auditor. The Corporate Debtor Companies raised objections, stating that the Applicant-Bank was granting loan facilities from 2009
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The case involves two insolvency applications, CP No.(IB)70/ALD/2017 and CP No.(IB)71/ALD/2017, filed by Bank of Baroda against Rotomac Global Private Limited and Rotomac Exports Private Limited, respectively. These applications were filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). Rotomac Global Private Limited is the principal borrower, and Rotomac Exports Private Limited is the guarantor.
Bank of Baroda filed insolvency applications against Rotomac Global Pvt. Ltd. and Rotomac Exports Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. Rotomac Global Pvt. Ltd. is the principal borrower, and Rotomac Exports Pvt. Ltd. is the guarantor. The Corporate Debtor Company defaulted in making payment of its debts for an outstanding amount of Rs.553,78,21,954.66/-. The admitted outstanding debts due by the Corporate Debtors in respect of other secured creditors also come around to Rs.4,420/- Crores. The Applicant Bank produced documents including statements of accounts, CIBIL reports, and reports of the Independent Auditor. The Corporate Debtor Companies raised objections, stating that the Applicant-Bank was granting loan facilities from 2009
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A Joint Lender's Forum…