The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Abhyudaya Co-Operative Bank Limited (Financial Creditor) against M/s. Trust House Commerce Centre Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of ₹ 1,30,00,000/- sanctioned by the Citizens Co-Operative Bank Limited, which later merged with the Financial Creditor. The account was classified as NPA in 1999, and the Financial Creditor filed an application under Section 101 of the Maharashtra Co-Op. Societies Act, 1960, obtaining a recovery certificate. The total amount claimed in default was ₹ 6,47,13,403/- including interest as on 19.07.2017.
On 10.08.1998, the Corporate Debtor requested the Citizens Co-Operative Bank Limited, Nana Peth Branch, Pune, for a loan of ₹ 1,30,00,000/-. The bank sanctioned the loan on 23.11.1998, secured by a simple mortgage. The account was classified as NPA on 23.12.1999. The Citizens Co-Operative Bank Limited, Pune, merged with the Financial Creditor on 03.07.2006. The erstwhile bank filed an application under Section 101 of the Maharashtra Co-Op. Societies Act, 1960, and obtained a recovery certificate on 24.12.2001. The Debtor issued a Promissory Note in favour of the erstwhile bank on 23.11.1998, for ₹ 1,30,00,000/-. The Debtor executed various deeds, including Deed of Hypothecation, Deed of Mortgage, and Agreement of Loan. The Financial Creditor claimed that the Debtor
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The Corporate Debtor requested the Citizens…
The Citizens Co-Operativ…
The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Abhyudaya Co-Operative Bank Limited (Financial Creditor) against M/s. Trust House Commerce Centre Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of ₹ 1,30,00,000/- sanctioned by the Citizens Co-Operative Bank Limited, which later merged with the Financial Creditor. The account was classified as NPA in 1999, and the Financial Creditor filed an application under Section 101 of the Maharashtra Co-Op. Societies Act, 1960, obtaining a recovery certificate. The total amount claimed in default was ₹ 6,47,13,403/- including interest as on 19.07.2017.
On 10.08.1998, the Corporate Debtor requested the Citizens Co-Operative Bank Limited, Nana Peth Branch, Pune, for a loan of ₹ 1,30,00,000/-. The bank sanctioned the loan on 23.11.1998, secured by a simple mortgage. The account was classified as NPA on 23.12.1999. The Citizens Co-Operative Bank Limited, Pune, merged with the Financial Creditor on 03.07.2006. The erstwhile bank filed an application under Section 101 of the Maharashtra Co-Op. Societies Act, 1960, and obtained a recovery certificate on 24.12.2001. The Debtor issued a Promissory Note in favour of the erstwhile bank on 23.11.1998, for ₹ 1,30,00,000/-. The Debtor executed various deeds, including Deed of Hypothecation, Deed of Mortgage, and Agreement of Loan. The Financial Creditor claimed that the Debtor
…The Corporate Debtor requested the Citizens…
The Citizens Co-Operativ…