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 default in repayment of debt. Subsequently, Dena Bank merged with Bank of Baroda, leading to the substitution of the petitioner to Bank of Baroda. The financial creditor had sanctioned a cash credit facility to the corporate debtor which was increased over time. The corporate debtor defaulted in repayment, leading to the account being declared as NPA and the initiation of DRT proceedings by the financial creditor.
Dena Bank originally filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Shalibhadra Cottrade Private Limited ('Corporate Debtor') due to a default in debt repayment. Dena Bank subsequently merged with Bank of Baroda, which then substituted as the petitioner. Bank of Baroda had sanctioned a Cash Credit Facility to the Corporate Debtor, initially at ₹1,50,00,000 in January 2012, which was later increased to ₹8,50,00,000 by March 10, 2017. The Corporate Debtor hypothecated its book debts of ₹24.50 crore to secure the loan, and guarantors provided collateral security. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA) on October 1, 2018. The outstanding debt, including
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Financial Creditor…
The sanctioned amount…
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 default in repayment of debt. Subsequently, Dena Bank merged with Bank of Baroda, leading to the substitution of the petitioner to Bank of Baroda. The financial creditor had sanctioned a cash credit facility to the corporate debtor which was increased over time. The corporate debtor defaulted in repayment, leading to the account being declared as NPA and the initiation of DRT proceedings by the financial creditor.
Dena Bank originally filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Shalibhadra Cottrade Private Limited ('Corporate Debtor') due to a default in debt repayment. Dena Bank subsequently merged with Bank of Baroda, which then substituted as the petitioner. Bank of Baroda had sanctioned a Cash Credit Facility to the Corporate Debtor, initially at ₹1,50,00,000 in January 2012, which was later increased to ₹8,50,00,000 by March 10, 2017. The Corporate Debtor hypothecated its book debts of ₹24.50 crore to secure the loan, and guarantors provided collateral security. The Corporate Debtor defaulted on repayments, leading to the loan account being declared a Non-Performing Asset (NPA) on October 1, 2018. The outstanding debt, including
…Financial Creditor…
The sanctioned amount…