The case involves an application filed by IDBI Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') against M/s Tip Top Furniture Private Limited ('Corporate Debtor') for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 11.68 Crores as of 01.04.2021. The Corporate Debtor argued that the application was barred by limitation and raised objections regarding the authority of the applicant and the correctness of the claimed amount.
IDBI Bank Limited ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Tip Top Furniture Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan facility. The Corporate Debtor availed a loan facility from the Financial Creditor, which was sanctioned on 18.03.2015 and renewed on 02.03.2017. The Corporate Debtor defaulted in repayment, leading to the loan account being classified as NPA with effect from 01.05.2018. The Financial Creditor issued a letter on 27.02.2019, calling upon the Corporate Debtor to settle the outstanding amount of Rs. 950.10 Lakhs. A demand notice was also issued under Section 13(2) of the SARFAESI Act, 2002, on 12.04.2019. The
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Loan facility…
Loan facility…
The case involves an application filed by IDBI Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 ('Code') against M/s Tip Top Furniture Private Limited ('Corporate Debtor') for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 11.68 Crores as of 01.04.2021. The Corporate Debtor argued that the application was barred by limitation and raised objections regarding the authority of the applicant and the correctness of the claimed amount.
IDBI Bank Limited ('Financial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Tip Top Furniture Private Limited ('Corporate Debtor'). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan facility. The Corporate Debtor availed a loan facility from the Financial Creditor, which was sanctioned on 18.03.2015 and renewed on 02.03.2017. The Corporate Debtor defaulted in repayment, leading to the loan account being classified as NPA with effect from 01.05.2018. The Financial Creditor issued a letter on 27.02.2019, calling upon the Corporate Debtor to settle the outstanding amount of Rs. 950.10 Lakhs. A demand notice was also issued under Section 13(2) of the SARFAESI Act, 2002, on 12.04.2019. The
…Loan facility…
Loan facility…