Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shri Lakshmi Cotsyn Limited for initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached Union Bank of India seeking financial assistance totaling Rs. 389.29 crore, which was sanctioned by the bank. The corporate debtor defaulted in repayment, leading to its account being declared a Non-Performing Asset (NPA) according to RBI guidelines.
Union Bank of India (UBI) filed a Company Petition (IB) No. 142/ALD/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shri Lakshmi Cotsyn Limited. UBI, a corporate body incorporated on 11.11.1919, claimed to be a financial creditor. M/s Shri Lakshmi Cotsyn Limited, incorporated on 31st August 1988, is the corporate debtor. The corporate debtor had approached UBI seeking financial assistance of Rs. 389.29 crore, which UBI sanctioned on 27.06.2013. The corporate debtor defaulted on repayments, leading UBI to classify the account as a Non-Performing Asset (NPA). UBI claimed a default amount of Rs. 528,90,23,899.29. The corporate debtor raised objections, including the validity of the power of attorney held by Rajesh Kumar, and non-compliance
…Sign in to view the parties.
Union Bank of…
M/s Shri Lakshmi Cotsyn…
Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shri Lakshmi Cotsyn Limited for initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate debtor had approached Union Bank of India seeking financial assistance totaling Rs. 389.29 crore, which was sanctioned by the bank. The corporate debtor defaulted in repayment, leading to its account being declared a Non-Performing Asset (NPA) according to RBI guidelines.
Union Bank of India (UBI) filed a Company Petition (IB) No. 142/ALD/2018 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Shri Lakshmi Cotsyn Limited. UBI, a corporate body incorporated on 11.11.1919, claimed to be a financial creditor. M/s Shri Lakshmi Cotsyn Limited, incorporated on 31st August 1988, is the corporate debtor. The corporate debtor had approached UBI seeking financial assistance of Rs. 389.29 crore, which UBI sanctioned on 27.06.2013. The corporate debtor defaulted on repayments, leading UBI to classify the account as a Non-Performing Asset (NPA). UBI claimed a default amount of Rs. 528,90,23,899.29. The corporate debtor raised objections, including the validity of the power of attorney held by Rajesh Kumar, and non-compliance
…Union Bank of…
M/s Shri Lakshmi Cotsyn…