The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Union Bank of India, the financial creditor, filed the application against Tayal Foods Limited, the corporate debtor, due to the corporate debtor's inability to repay loans. The corporate debtor had availed financial facilities from the applicant since 2012, including working capital, term loans, and current accounts. The loan accounts were declared as non-performing assets on 13.03.2018.
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tayal Foods Limited. Tayal Foods Limited, incorporated under the Companies Act, 1956, availed various financial facilities from Union Bank of India since 2012, including working capital, term loans, and current accounts, to set up a Rice Mill & Parboiling Unit. The Corporate Debtor executed various loan documents in favor of the applicant in July 2014, April 2015 and March 2017. Due to the Corporate Debtor's inability to repay the loans, the loan accounts were declared as non-performing assets on 13.03.2018. The outstanding amount due and payable to the applicant is Rs. 10,26,54000/- as on
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Tayal Foods Limited availed various financial…
Corporate Debtor…
The case involves an application for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Union Bank of India, the financial creditor, filed the application against Tayal Foods Limited, the corporate debtor, due to the corporate debtor's inability to repay loans. The corporate debtor had availed financial facilities from the applicant since 2012, including working capital, term loans, and current accounts. The loan accounts were declared as non-performing assets on 13.03.2018.
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Tayal Foods Limited. Tayal Foods Limited, incorporated under the Companies Act, 1956, availed various financial facilities from Union Bank of India since 2012, including working capital, term loans, and current accounts, to set up a Rice Mill & Parboiling Unit. The Corporate Debtor executed various loan documents in favor of the applicant in July 2014, April 2015 and March 2017. Due to the Corporate Debtor's inability to repay the loans, the loan accounts were declared as non-performing assets on 13.03.2018. The outstanding amount due and payable to the applicant is Rs. 10,26,54000/- as on
…Tayal Foods Limited availed various financial…
Corporate Debtor…