Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Uttoron Engineering Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 8,80,38,353/-. The Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA) on 30.09.2018, prompting the Financial Creditor to file the application for CIRP initiation.
Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Uttoron Engineering Pvt. Ltd. (Corporate Debtor). The Corporate Debtor allegedly defaulted on a financial debt of Rs. 8,80,38,353/-. The Financial Creditor had granted and disbursed Rs. 2,40,00,000/- to the Corporate Debtor as a term loan and cash credit facilities via a loan sanction letter dated 29.10.2010. The repayment term was extended multiple times, lastly on 10.03.2016. On 04.12.2017, the Financial Creditor revised the loan, raising credit facilities to Rs. 9,51,00,000/-. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.09.2018. The Corporate
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Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Uttoron Engineering Pvt. Ltd., the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor allegedly defaulted in paying a financial debt of Rs. 8,80,38,353/-. The Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA) on 30.09.2018, prompting the Financial Creditor to file the application for CIRP initiation.
Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Uttoron Engineering Pvt. Ltd. (Corporate Debtor). The Corporate Debtor allegedly defaulted on a financial debt of Rs. 8,80,38,353/-. The Financial Creditor had granted and disbursed Rs. 2,40,00,000/- to the Corporate Debtor as a term loan and cash credit facilities via a loan sanction letter dated 29.10.2010. The repayment term was extended multiple times, lastly on 10.03.2016. On 04.12.2017, the Financial Creditor revised the loan, raising credit facilities to Rs. 9,51,00,000/-. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.09.2018. The Corporate
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Repayment term…