The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by UCO Bank, the Financial Creditor, against M/s. Vajram Spinning Mills Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in repayment of loans granted to the Corporate Debtor.
UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Vajram Spinning Mills Private Limited, the Corporate Debtor. The Financial Creditor had granted Cash Credit and Term Loans to the Corporate Debtor on various dates. The Corporate Debtor defaulted in repayment of the loans. The account of the Corporate Debtor was classified as NPA on 06.02.2016. The outstanding balance as on 06.02.2016 was Rs. 5,93,20,988.28. The petition was filed on 28.05.2019, which was beyond the 3 years period of limitation. The Financial Creditor submitted that they had obtained acknowledgment of debt from the Corporate Debtor on 06.01.2018, extending the limitation period. The Financial Creditor also filed their
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The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by UCO Bank, the Financial Creditor, against M/s. Vajram Spinning Mills Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in repayment of loans granted to the Corporate Debtor.
UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Vajram Spinning Mills Private Limited, the Corporate Debtor. The Financial Creditor had granted Cash Credit and Term Loans to the Corporate Debtor on various dates. The Corporate Debtor defaulted in repayment of the loans. The account of the Corporate Debtor was classified as NPA on 06.02.2016. The outstanding balance as on 06.02.2016 was Rs. 5,93,20,988.28. The petition was filed on 28.05.2019, which was beyond the 3 years period of limitation. The Financial Creditor submitted that they had obtained acknowledgment of debt from the Corporate Debtor on 06.01.2018, extending the limitation period. The Financial Creditor also filed their
…The account of the…
The Financial Creditor…