U.B. Engineering Limited, the corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The company was originally incorporated as 'Western India Errectors Private Limited' and subsequently changed its name to 'UB Engineering Limited'. The company obtained financial assistance from various financial institutions, including Axis Bank and Corporation Bank. Corporation Bank, the lead bank of the consortium, issued a letter to the corporate debtor demanding payment of outstanding dues. The corporate debtor admitted to being unable to pay its debts and filed the application for CIRP.
U.B. Engineering Limited, initially 'Western India Errectors Private Limited', sought Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company received financial aid from institutions like Axis Bank (₹69.00 crores) and Corporation Bank (₹594.78 crores). Corporation Bank, leading a consortium including IDBI Bank, Lakshmi Vilas Bank, and Yes Bank, demanded ₹116,79,87,385 on 2014-10-09. The company admitted its inability to pay, prompting the CIRP application. The company created charges over its assets in favor of the financial institutions. A notice was issued under the SARFAESI Act. The applicant submitted communication from the proposed interim resolution professional. Financial statements were provided
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U.B. Engineering Limited, the corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The company was originally incorporated as 'Western India Errectors Private Limited' and subsequently changed its name to 'UB Engineering Limited'. The company obtained financial assistance from various financial institutions, including Axis Bank and Corporation Bank. Corporation Bank, the lead bank of the consortium, issued a letter to the corporate debtor demanding payment of outstanding dues. The corporate debtor admitted to being unable to pay its debts and filed the application for CIRP.
U.B. Engineering Limited, initially 'Western India Errectors Private Limited', sought Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company received financial aid from institutions like Axis Bank (₹69.00 crores) and Corporation Bank (₹594.78 crores). Corporation Bank, leading a consortium including IDBI Bank, Lakshmi Vilas Bank, and Yes Bank, demanded ₹116,79,87,385 on 2014-10-09. The company admitted its inability to pay, prompting the CIRP application. The company created charges over its assets in favor of the financial institutions. A notice was issued under the SARFAESI Act. The applicant submitted communication from the proposed interim resolution professional. Financial statements were provided
…Corporate applicant debtor was incorporated…
Name of the Company was…
Sign in to view related legal provisions.