The case originates from a petition filed by Dena Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shalibhadra Cottrade Private Limited, the Corporate Debtor, due to a default in repayment of debt. Subsequently, Dena Bank merged with Bank of Baroda, leading to the substitution of the petitioner. The Financial Creditor, Bank of Baroda, claimed a default amount of ₹9,22,75,212/- as of 16.12.2018, with the date of default stated as 31.05.2018. The Corporate Debtor's loan account was declared a Non-Performing Asset (NPA) on 01.10.2018.
Dena Bank originally filed a petition against Shalibhadra Cottrade Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default in debt repayment. Dena Bank subsequently merged with Bank of Baroda, which then became the petitioner. The Financial Creditor, Bank of Baroda, had sanctioned a Cash Credit Facility to the Corporate Debtor, which was increased to ₹8,50,00,000/- by 10.03.2017. The Corporate Debtor hypothecated its book debts of ₹24.50 crore to secure the loan. Guarantors provided collateral security through simple mortgages on certain properties. The guarantors also executed Letters of Guarantee for ₹8.50 crore. The Corporate Debtor executed a promissory note for ₹8.50 crore. The debt was disbursed between 05.01.2012 and
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Financial Creditor…
Sanctioned…
The case originates from a petition filed by Dena Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shalibhadra Cottrade Private Limited, the Corporate Debtor, due to a default in repayment of debt. Subsequently, Dena Bank merged with Bank of Baroda, leading to the substitution of the petitioner. The Financial Creditor, Bank of Baroda, claimed a default amount of ₹9,22,75,212/- as of 16.12.2018, with the date of default stated as 31.05.2018. The Corporate Debtor's loan account was declared a Non-Performing Asset (NPA) on 01.10.2018.
Dena Bank originally filed a petition against Shalibhadra Cottrade Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default in debt repayment. Dena Bank subsequently merged with Bank of Baroda, which then became the petitioner. The Financial Creditor, Bank of Baroda, had sanctioned a Cash Credit Facility to the Corporate Debtor, which was increased to ₹8,50,00,000/- by 10.03.2017. The Corporate Debtor hypothecated its book debts of ₹24.50 crore to secure the loan. Guarantors provided collateral security through simple mortgages on certain properties. The guarantors also executed Letters of Guarantee for ₹8.50 crore. The Corporate Debtor executed a promissory note for ₹8.50 crore. The debt was disbursed between 05.01.2012 and
…Financial Creditor…
Sanctioned…