Bank of India filed a Company Petition against Suwarnsparsh Gems and Jewellery Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging a default in payment of Rs. 17,18,85,788.17. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Suwarnsparsh Gems and Jewellery Ltd. The bank claimed that the Corporate Debtor defaulted on payments amounting to Rs. 17,18,85,788.17. The bank provided evidence including sanction letters for credit facilities granted to the Corporate Debtor, totaling Rs. 14.22 Crores, comprising cash credit and term loans. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.06.2017. The bank also issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 16,35,78,781/- as on 30.06.2017. The Corporate Debtor's counsel withdrew representation due to lack of cooperation. The Adjudicating Authority admitted the petition, finding the
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Bank of India filed a Company Petition against Suwarnsparsh Gems and Jewellery Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging a default in payment of Rs. 17,18,85,788.17. The petition seeks to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Suwarnsparsh Gems and Jewellery Ltd. The bank claimed that the Corporate Debtor defaulted on payments amounting to Rs. 17,18,85,788.17. The bank provided evidence including sanction letters for credit facilities granted to the Corporate Debtor, totaling Rs. 14.22 Crores, comprising cash credit and term loans. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.06.2017. The bank also issued a notice under Section 13(2) of the SARFAESI Act, 2002, demanding Rs. 16,35,78,781/- as on 30.06.2017. The Corporate Debtor's counsel withdrew representation due to lack of cooperation. The Adjudicating Authority admitted the petition, finding the
…One of the sanction…
One of the sanction…