Dena Bank (now known as Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Royal Wood Private Limited, the Corporate Debtor. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 30.09.2008. The Financial Creditor disbursed loans aggregating to Rs. 13.69 crores from 2012 to 2015, with the last repayment made on 17.03.2015. The Corporate Debtor's account was classified as NPA on 30.09.2016. The Financial Creditor also filed an Original Application (O.A.) No. 567/2017 before the Debts Recovery Tribunal-II, Ahmedabad, for recovery of Rs. 12,27,51,410/- along with interest. The total amount in default as of 31.12.2018
…Dena Bank (now Bank of Baroda) extended loan facilities to M/s. Royal Wood Private Limited. The loan amount aggregated to Rs. 13.69 crores, disbursed between 2012 and 2015. The last repayment was made on 17.03.2015. The Corporate Debtor defaulted on the repayment, leading to the account being classified as NPA on 30.09.2016. The Financial Creditor initiated recovery proceedings before the Debts Recovery Tribunal-II, Ahmedabad, with an outstanding amount of Rs. 12,27,51,410/- plus interest. As of 31.12.2018, the total default amounted to Rs. 14,68,09,987.71/- plus future and penal interest. The Corporate Debtor repeatedly sought time to file a reply but failed to do so, incurring costs. The Financial Creditor filed a petition under Section 7 of the Insolvency and
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M/s. Royal Wood Private…
Dena Bank disbursed loans to the Corporate…
Dena Bank (now known as Bank of Baroda) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Royal Wood Private Limited, the Corporate Debtor. The Corporate Debtor is a company registered under the Companies Act, 1956, incorporated on 30.09.2008. The Financial Creditor disbursed loans aggregating to Rs. 13.69 crores from 2012 to 2015, with the last repayment made on 17.03.2015. The Corporate Debtor's account was classified as NPA on 30.09.2016. The Financial Creditor also filed an Original Application (O.A.) No. 567/2017 before the Debts Recovery Tribunal-II, Ahmedabad, for recovery of Rs. 12,27,51,410/- along with interest. The total amount in default as of 31.12.2018
…Dena Bank (now Bank of Baroda) extended loan facilities to M/s. Royal Wood Private Limited. The loan amount aggregated to Rs. 13.69 crores, disbursed between 2012 and 2015. The last repayment was made on 17.03.2015. The Corporate Debtor defaulted on the repayment, leading to the account being classified as NPA on 30.09.2016. The Financial Creditor initiated recovery proceedings before the Debts Recovery Tribunal-II, Ahmedabad, with an outstanding amount of Rs. 12,27,51,410/- plus interest. As of 31.12.2018, the total default amounted to Rs. 14,68,09,987.71/- plus future and penal interest. The Corporate Debtor repeatedly sought time to file a reply but failed to do so, incurring costs. The Financial Creditor filed a petition under Section 7 of the Insolvency and
…M/s. Royal Wood Private…
Dena Bank disbursed loans to the Corporate…