Bank of Baroda filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on financial assistance sanctioned to them. Notices were issued to the respondent, but no one appeared on their behalf, leading the Adjudicating Authority to proceed in their absence. The bank provided documents to support their claim, including sanction letters, agreements, and statements of accounts.
Bank of Baroda sanctioned cash credit and term loan facilities to Shree Hari Cotex Private Limited. The corporate debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 30.09.2014. As of 31.10.2018, an amount of Rs. 25,92,02,567/- was outstanding, including interest and penal interest. The corporate debtor acknowledged the debt and even transferred Rs. 17,00,000/- towards the outstanding loan. The bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The corporate debtor did not appear despite notices and paper publication.
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Bank of Baroda sanctioned cash credit…
Default occur…
Bank of Baroda filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Hari Cotex Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on financial assistance sanctioned to them. Notices were issued to the respondent, but no one appeared on their behalf, leading the Adjudicating Authority to proceed in their absence. The bank provided documents to support their claim, including sanction letters, agreements, and statements of accounts.
Bank of Baroda sanctioned cash credit and term loan facilities to Shree Hari Cotex Private Limited. The corporate debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset (NPA) on 30.09.2014. As of 31.10.2018, an amount of Rs. 25,92,02,567/- was outstanding, including interest and penal interest. The corporate debtor acknowledged the debt and even transferred Rs. 17,00,000/- towards the outstanding loan. The bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The corporate debtor did not appear despite notices and paper publication.
Bank of Baroda sanctioned cash credit…
Default occur…