The case involves a Company Petition filed by Bank of Baroda, the Petitioner/Financial Creditor, against M/s. Vangal Amman Health Services Limited, the Respondent/Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code 2016. The petition was filed due to the Corporate Debtor's inability to pay its debt. The Corporate Debtor had availed three credit facilities from the petitioner, resulting in a total outstanding amount of Rs. 15,95,00,000/- as of 31.07.2017. The account was declared NPA on 07.09.2013 and was under CDR Mechanism.
Bank of Baroda, a banking company, filed a company petition against Vangal Amman Health Services Limited under Section 7 of the Insolvency and Bankruptcy Code 2016, citing the corporate debtor's inability to pay its debt. Vangal Amman Health Services Limited is registered under the Companies Act, 1956, and operates in the health services sector. The corporate debtor had availed three credit facilities from Bank of Baroda, resulting in a total outstanding amount of Rs. 15,95,00,000 as of July 31, 2017. The account was declared a Non-Performing Asset (NPA) on September 7, 2013, and was under a Corporate Debt Restructuring (CDR) mechanism. Bank of Baroda had provided the loan to the corporate debtor with security held of primary securities, hypothecation, and collateral
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Account of Vangal Amman…
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The case involves a Company Petition filed by Bank of Baroda, the Petitioner/Financial Creditor, against M/s. Vangal Amman Health Services Limited, the Respondent/Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code 2016. The petition was filed due to the Corporate Debtor's inability to pay its debt. The Corporate Debtor had availed three credit facilities from the petitioner, resulting in a total outstanding amount of Rs. 15,95,00,000/- as of 31.07.2017. The account was declared NPA on 07.09.2013 and was under CDR Mechanism.
Bank of Baroda, a banking company, filed a company petition against Vangal Amman Health Services Limited under Section 7 of the Insolvency and Bankruptcy Code 2016, citing the corporate debtor's inability to pay its debt. Vangal Amman Health Services Limited is registered under the Companies Act, 1956, and operates in the health services sector. The corporate debtor had availed three credit facilities from Bank of Baroda, resulting in a total outstanding amount of Rs. 15,95,00,000 as of July 31, 2017. The account was declared a Non-Performing Asset (NPA) on September 7, 2013, and was under a Corporate Debt Restructuring (CDR) mechanism. Bank of Baroda had provided the loan to the corporate debtor with security held of primary securities, hypothecation, and collateral
…Account of Vangal Amman…
Total outstanding amount due from Vangal…