Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Mahalaxmi Agro Farms Private Limited, claiming default on a financial debt. The corporate debtor's account was declared NPA on 31.12.2014. The financial creditor initiated proceedings under the SARFAESI Act and issued a recall notice due to persistent failure of the corporate debtor to repay the loan. The corporate debtor contended that the application was barred by limitation.
Bank of India, the financial creditor, extended credit facilities to Shree Mahalaxmi Agro Farms Private Limited, the corporate debtor. The total debt granted was Rs. 14,43,00,000/-, and the amount claimed to be in default was Rs. 21,64,36,273.63/- as on the date of filing the petition. The date of default was 31.12.2014, and the loan account was declared NPA on the same date. The financial creditor initiated proceedings under the SARFAESI Act and issued a recall notice. The corporate debtor argued that the application was barred by limitation, as it was filed beyond three years from the date of default. The financial creditor produced evidence of acknowledgment of debt by the corporate debtor. The key fact is the date of default and the subsequent acknowledgment of
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The Corporate Debtor…
The date of default is stated to be 31.12.2014.…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Mahalaxmi Agro Farms Private Limited, claiming default on a financial debt. The corporate debtor's account was declared NPA on 31.12.2014. The financial creditor initiated proceedings under the SARFAESI Act and issued a recall notice due to persistent failure of the corporate debtor to repay the loan. The corporate debtor contended that the application was barred by limitation.
Bank of India, the financial creditor, extended credit facilities to Shree Mahalaxmi Agro Farms Private Limited, the corporate debtor. The total debt granted was Rs. 14,43,00,000/-, and the amount claimed to be in default was Rs. 21,64,36,273.63/- as on the date of filing the petition. The date of default was 31.12.2014, and the loan account was declared NPA on the same date. The financial creditor initiated proceedings under the SARFAESI Act and issued a recall notice. The corporate debtor argued that the application was barred by limitation, as it was filed beyond three years from the date of default. The financial creditor produced evidence of acknowledgment of debt by the corporate debtor. The key fact is the date of default and the subsequent acknowledgment of
…The Corporate Debtor…
The date of default is stated to be 31.12.2014.…