Corporation Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shakambari Rubber Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 7,14,19,605/-. The bank had initially guaranteed and disbursed term loan and CC facilities to the extent of Rs. 4.60 crores on 06.06.2013, which was later extended and enhanced on 27.09.2014. The Corporate Debtor defaulted in paying the loan, leading to its loan account being declared NPA on 30.01.2016. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 26.06.2016. The application was duly served on the
…Corporation Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shakambari Rubber Private Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 7,14,19,605/-. Initially, on 06.06.2013, the bank had guaranteed and disbursed term loan and CC facilities to the extent of Rs. 4.60 crores to the Corporate Debtor. The term of the loan and CC was extended and enhanced on 27.09.2014. The Corporate Debtor defaulted in paying the loan in time, and its loan account was declared NPA on 30.01.2016. On 26.06.2016, the bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, calling upon the Corporate Debtor to clear the outstanding debt.
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Corporation Bank guaranteed and disbursed…
The term of the loan…
Corporation Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shakambari Rubber Private Ltd., the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 7,14,19,605/-. The bank had initially guaranteed and disbursed term loan and CC facilities to the extent of Rs. 4.60 crores on 06.06.2013, which was later extended and enhanced on 27.09.2014. The Corporate Debtor defaulted in paying the loan, leading to its loan account being declared NPA on 30.01.2016. A notice under Section 13(2) of the SARFAESI Act, 2002, was issued on 26.06.2016. The application was duly served on the
…Corporation Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shakambari Rubber Private Ltd., the Corporate Debtor. The application was based on the Corporate Debtor's default in paying a financial debt of Rs. 7,14,19,605/-. Initially, on 06.06.2013, the bank had guaranteed and disbursed term loan and CC facilities to the extent of Rs. 4.60 crores to the Corporate Debtor. The term of the loan and CC was extended and enhanced on 27.09.2014. The Corporate Debtor defaulted in paying the loan in time, and its loan account was declared NPA on 30.01.2016. On 26.06.2016, the bank issued a notice under Section 13(2) of the SARFAESI Act, 2002, calling upon the Corporate Debtor to clear the outstanding debt.
…Corporation Bank guaranteed and disbursed…
The term of the loan…