Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vardhman Chemtech Limited, claiming default on loan/credit facilities. The bank sought to recover outstanding dues, including principal, interest, and expenses. The corporate debtor raised objections regarding the maintainability of the application, completeness of the form, and the validity of the default notice.
Allahabad Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vardhman Chemtech Limited, the corporate debtor. The corporate debtor had availed loan/credit facilities from the financial creditor, and the account was restructured on 29.03.2014. The financial creditor claimed a default of ₹83,10,72,467.80 as on 31.10.2017, inclusive of interest and expenses. The corporate debtor raised objections regarding the maintainability of the application, completeness of Form 1, and the validity of the default notice. The financial creditor issued a demand notice on 12.09.2017, stating the outstanding amount and calling upon the corporate debtor to discharge the liability. The account was classified
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Allahabad Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vardhman Chemtech Limited, claiming default on loan/credit facilities. The bank sought to recover outstanding dues, including principal, interest, and expenses. The corporate debtor raised objections regarding the maintainability of the application, completeness of the form, and the validity of the default notice.
Allahabad Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Vardhman Chemtech Limited, the corporate debtor. The corporate debtor had availed loan/credit facilities from the financial creditor, and the account was restructured on 29.03.2014. The financial creditor claimed a default of ₹83,10,72,467.80 as on 31.10.2017, inclusive of interest and expenses. The corporate debtor raised objections regarding the maintainability of the application, completeness of Form 1, and the validity of the default notice. The financial creditor issued a demand notice on 12.09.2017, stating the outstanding amount and calling upon the corporate debtor to discharge the liability. The account was classified
…The account of the…
A notice under Section…