Bank of Baroda filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Topworth Tollways (Ujjain) Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt amounting to Rs. 50,90,50,092/-. The petitioner sanctioned a term loan of Rs. 45,00,00,000/- to the Corporate Debtor on 13/12/2010, of which Rs. 34,90,53,689/- was availed. The Corporate Debtor executed security documents, including mortgages and charges over its assets. The Corporate Debtor defaulted on interest payments on 31/01/2016 and principal installments on 31/03/2016.
Bank of Baroda (formerly Dena Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Topworth Tollways (Ujjain) Pvt. Ltd. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt. The petitioner had sanctioned a term loan of Rs. 45,00,00,000/- to the Corporate Debtor on 13/12/2010, of which Rs. 34,90,53,689/- was availed. The Corporate Debtor executed security documents, including mortgages and charges over its assets. The Corporate Debtor defaulted on interest payments on 31/01/2016 and principal installments on 31/03/2016. The Corporate Debtor raised objections, including incorrect address, payment of fees by Oriental Bank of Commerce, lack of authority,
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Bank of Baroda sanctioned a term loan of Rs.…
The Corporate Debtor…
Bank of Baroda filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Topworth Tollways (Ujjain) Pvt. Ltd. for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt amounting to Rs. 50,90,50,092/-. The petitioner sanctioned a term loan of Rs. 45,00,00,000/- to the Corporate Debtor on 13/12/2010, of which Rs. 34,90,53,689/- was availed. The Corporate Debtor executed security documents, including mortgages and charges over its assets. The Corporate Debtor defaulted on interest payments on 31/01/2016 and principal installments on 31/03/2016.
Bank of Baroda (formerly Dena Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Topworth Tollways (Ujjain) Pvt. Ltd. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of a financial debt. The petitioner had sanctioned a term loan of Rs. 45,00,00,000/- to the Corporate Debtor on 13/12/2010, of which Rs. 34,90,53,689/- was availed. The Corporate Debtor executed security documents, including mortgages and charges over its assets. The Corporate Debtor defaulted on interest payments on 31/01/2016 and principal installments on 31/03/2016. The Corporate Debtor raised objections, including incorrect address, payment of fees by Oriental Bank of Commerce, lack of authority,
…Bank of Baroda sanctioned a term loan of Rs.…
The Corporate Debtor…