The case involves an application filed by Bank of Baroda, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed that the corporate debtor had defaulted on financial assistance sanctioned by the bank. The application was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Bank of Baroda, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, the corporate debtor. The corporate debtor was incorporated on October 10, 2010. The financial creditor had sanctioned cash credit hypothecation of stock-cum book debts of Rs. 1200.00 lacs and term loan (plant & machinery) of Rs. 117.50 lacs to the corporate debtor vide sanction letter dated 07.12.2012. The cash credit limit was enhanced from Rs. 1200.00 lacs to Rs. 1500.00 lacs vide sanction letter dated 16.01.2014. The applicant bank submitted that an amount of Rs. 25,92,02,567/- was outstanding against the financial assistance as of 31.10.2018, including interest and penal interest. The default
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M/s. Shree Hari Cotex Private Limited…
Applicant bank sanctioned cash credit…
The case involves an application filed by Bank of Baroda, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed that the corporate debtor had defaulted on financial assistance sanctioned by the bank. The application was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Bank of Baroda, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, the corporate debtor. The corporate debtor was incorporated on October 10, 2010. The financial creditor had sanctioned cash credit hypothecation of stock-cum book debts of Rs. 1200.00 lacs and term loan (plant & machinery) of Rs. 117.50 lacs to the corporate debtor vide sanction letter dated 07.12.2012. The cash credit limit was enhanced from Rs. 1200.00 lacs to Rs. 1500.00 lacs vide sanction letter dated 16.01.2014. The applicant bank submitted that an amount of Rs. 25,92,02,567/- was outstanding against the financial assistance as of 31.10.2018, including interest and penal interest. The default
…M/s. Shree Hari Cotex Private Limited…
Applicant bank sanctioned cash credit…