Dena Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Texas Textiles & Industries Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay a debt of Rs. 17,82,71,483.79. Notices were issued to the Corporate Debtor, but they did not appear despite repeated calls, leading to the matter being heard ex-parte.
Dena Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Texas Textiles & Industries Limited, the Corporate Debtor. The Corporate Debtor had borrowed a sum of Rs. 10,98,32,983.79 from the Financial Creditor. In addition to this, a sum of Rs. 6,82,46,000/- was due as accrued interest, and Rs. 1,92,500/- was due towards other miscellaneous expenses. The total amount due to the Financial Creditor from the Corporate Debtor was Rs. 17,82,71,483.79. The Corporate Debtor defaulted in making the installment of the amount due. A demand notice was sent through the Advocate on 15th September 2018, but the Corporate Debtor failed to make the payment or even respond to the legal notice. The Financial
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Dena Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against M/s. Texas Textiles & Industries Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on the Corporate Debtor's failure to repay a debt of Rs. 17,82,71,483.79. Notices were issued to the Corporate Debtor, but they did not appear despite repeated calls, leading to the matter being heard ex-parte.
Dena Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Texas Textiles & Industries Limited, the Corporate Debtor. The Corporate Debtor had borrowed a sum of Rs. 10,98,32,983.79 from the Financial Creditor. In addition to this, a sum of Rs. 6,82,46,000/- was due as accrued interest, and Rs. 1,92,500/- was due towards other miscellaneous expenses. The total amount due to the Financial Creditor from the Corporate Debtor was Rs. 17,82,71,483.79. The Corporate Debtor defaulted in making the installment of the amount due. A demand notice was sent through the Advocate on 15th September 2018, but the Corporate Debtor failed to make the payment or even respond to the legal notice. The Financial
…Revised sanctio…
Demand notice issued by…