Allahabad Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the insolvency resolution process against Skyhigh Infraland Pvt. Ltd. The bank claimed that the corporate debtor had defaulted on a term loan of ₹180,000,000 sanctioned on 27.06.2013. The account was declared NPA on 29.12.2016. The bank sought to recover the outstanding amount of ₹17,38,38,115 as of 30.12.2016, as per the notice issued under Section 13(2) of the SARFAESI Act.
Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Skyhigh Infraland Pvt. Ltd., the corporate debtor. The corporate debtor was incorporated on 16.02.2011 with an authorized and paid-up share capital of ₹50,000,000. The corporate debtor availed a term loan of ₹180,000,000 from the bank, sanctioned on 27.06.2013. The corporate debtor failed to adhere to the financial discipline, and the account was declared NPA on 29.12.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 31.12.2016, with an outstanding amount of ₹17,38,38,115 as of 30.12.2016. The date of default is stated to be 01.10.2016. Notices were issued to the corporate debtor, but there were issues with delivery at
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Skyhigh Infraland Pvt.…
Allahabad Bank…
Allahabad Bank filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the insolvency resolution process against Skyhigh Infraland Pvt. Ltd. The bank claimed that the corporate debtor had defaulted on a term loan of ₹180,000,000 sanctioned on 27.06.2013. The account was declared NPA on 29.12.2016. The bank sought to recover the outstanding amount of ₹17,38,38,115 as of 30.12.2016, as per the notice issued under Section 13(2) of the SARFAESI Act.
Allahabad Bank, a financial creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Skyhigh Infraland Pvt. Ltd., the corporate debtor. The corporate debtor was incorporated on 16.02.2011 with an authorized and paid-up share capital of ₹50,000,000. The corporate debtor availed a term loan of ₹180,000,000 from the bank, sanctioned on 27.06.2013. The corporate debtor failed to adhere to the financial discipline, and the account was declared NPA on 29.12.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 31.12.2016, with an outstanding amount of ₹17,38,38,115 as of 30.12.2016. The date of default is stated to be 01.10.2016. Notices were issued to the corporate debtor, but there were issues with delivery at
…Skyhigh Infraland Pvt.…
Allahabad Bank…