Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkatesh Logistics Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on repayment of a debt. The bank had sanctioned credit facilities to the corporate debtor, who failed to repay the principal amount and interest. The account was declared NPA on 31.12.2015. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002. The bank also filed Original Application No. 427 of 2017 before the DRT-III, Kolkata.
Oriental Bank of Commerce (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Venkatesh Logistics Private Limited (Corporate Debtor). The Corporate Debtor defaulted in repaying a debt of Rs. 18,45,63,437.69. The total outstanding amount, including interest up to 29.09.2018, was Rs. 22,64,52,791.83. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, including Cash Credit, WCTL, and FITL. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 31.12.2015. A demand notice was issued under Section 13(2) of the SARFAESI Act, 2002. The Financial Creditor also filed Original Application No. 427 of 2017 before
…Sign in to view the parties.
The account of the…
The Financial Creditor filed Original…
Oriental Bank of Commerce filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venkatesh Logistics Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The bank claimed that the corporate debtor had defaulted on repayment of a debt. The bank had sanctioned credit facilities to the corporate debtor, who failed to repay the principal amount and interest. The account was declared NPA on 31.12.2015. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002. The bank also filed Original Application No. 427 of 2017 before the DRT-III, Kolkata.
Oriental Bank of Commerce (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Venkatesh Logistics Private Limited (Corporate Debtor). The Corporate Debtor defaulted in repaying a debt of Rs. 18,45,63,437.69. The total outstanding amount, including interest up to 29.09.2018, was Rs. 22,64,52,791.83. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, including Cash Credit, WCTL, and FITL. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 31.12.2015. A demand notice was issued under Section 13(2) of the SARFAESI Act, 2002. The Financial Creditor also filed Original Application No. 427 of 2017 before
…The account of the…
The Financial Creditor filed Original…