The case involves a petition filed by M/s Noble Cooperative Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shivkala Developers Pvt. Ltd., the Corporate Debtor, due to unpaid financial debt. The petitioner had granted an overdraft facility of Rs. 30 lakhs to the respondent, which was later reduced to Rs. 25 lakhs. The Corporate Debtor defaulted on the overdraft account, and the Financial Creditor claimed an amount of Rs. 30,71,271.50 was due. The Corporate Debtor failed to respond to the notice of default.
M/s Noble Cooperative Bank Ltd. (Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Shivkala Developers Pvt. Ltd. (Respondent/Corporate Debtor) due to unpaid financial debt. The Petitioner had granted an overdraft facility of Rs. 30 lakhs to the Respondent, which was subsequently reduced to Rs. 25 lakhs. The Respondent defaulted on the overdraft account. The Financial Creditor claimed that Rs. 30,71,271.50 was due. The Corporate Debtor failed to respond to the default notice dated 13.11.2017. The loan facility was initially availed in 2009 and extended periodically. The account was last operated on 11.10.2017 and then declared an NPA. Steps were taken to serve the Respondent, but they did not appear, leading to an ex
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The case involves a petition filed by M/s Noble Cooperative Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shivkala Developers Pvt. Ltd., the Corporate Debtor, due to unpaid financial debt. The petitioner had granted an overdraft facility of Rs. 30 lakhs to the respondent, which was later reduced to Rs. 25 lakhs. The Corporate Debtor defaulted on the overdraft account, and the Financial Creditor claimed an amount of Rs. 30,71,271.50 was due. The Corporate Debtor failed to respond to the notice of default.
M/s Noble Cooperative Bank Ltd. (Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Shivkala Developers Pvt. Ltd. (Respondent/Corporate Debtor) due to unpaid financial debt. The Petitioner had granted an overdraft facility of Rs. 30 lakhs to the Respondent, which was subsequently reduced to Rs. 25 lakhs. The Respondent defaulted on the overdraft account. The Financial Creditor claimed that Rs. 30,71,271.50 was due. The Corporate Debtor failed to respond to the default notice dated 13.11.2017. The loan facility was initially availed in 2009 and extended periodically. The account was last operated on 11.10.2017 and then declared an NPA. Steps were taken to serve the Respondent, but they did not appear, leading to an ex
…The loan facility was…
The Corporate Debtor's account was last…