The Jammu and Kashmir Bank Limited, acting as the Financial Creditor/Petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Vinod Cotton Corp. Private Limited, the Corporate Debtor/Respondent. The application was based on the Corporate Debtor's failure to meet its financial obligations to the bank. The Corporate Debtor had approached the Applicant Bank for working capital requirements, and the bank had sanctioned credit facilities. However, the Corporate Debtor defaulted on its obligations, leading to its account being declared as NPA. The bank issued a legal notice demanding repayment, but the Corporate Debtor failed to comply. The Adjudicating
…Jammu and Kashmir Bank Limited (the Applicant Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vinod Cotton Corp. Private Limited (the Corporate Debtor). The Corporate Debtor approached the Applicant Bank for working capital requirements. The Applicant Bank, vide sanction letter dated 08.03.2016, accorded sanction in favor of the Corporate Debtor for takeover cum enhancement of existing facilities from Kotak Mahindra Bank. The credit facilities included a Cash Credit limit of Rs. 1400 Lacs, a PCL/PCFC limit of Rs. 700 Lacs, a PSL/PSFC limit of Rs 500 Lacs, and a Forward Contract for Rs. 40 Lacs, totaling Rs. 1940 Lacs. The credit facilities were secured against
…Sign in to view the parties.
Vinod Cotton Corp.…
Applicant Bank issued a…
The Jammu and Kashmir Bank Limited, acting as the Financial Creditor/Petitioner, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Vinod Cotton Corp. Private Limited, the Corporate Debtor/Respondent. The application was based on the Corporate Debtor's failure to meet its financial obligations to the bank. The Corporate Debtor had approached the Applicant Bank for working capital requirements, and the bank had sanctioned credit facilities. However, the Corporate Debtor defaulted on its obligations, leading to its account being declared as NPA. The bank issued a legal notice demanding repayment, but the Corporate Debtor failed to comply. The Adjudicating
…Jammu and Kashmir Bank Limited (the Applicant Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Vinod Cotton Corp. Private Limited (the Corporate Debtor). The Corporate Debtor approached the Applicant Bank for working capital requirements. The Applicant Bank, vide sanction letter dated 08.03.2016, accorded sanction in favor of the Corporate Debtor for takeover cum enhancement of existing facilities from Kotak Mahindra Bank. The credit facilities included a Cash Credit limit of Rs. 1400 Lacs, a PCL/PCFC limit of Rs. 700 Lacs, a PSL/PSFC limit of Rs 500 Lacs, and a Forward Contract for Rs. 40 Lacs, totaling Rs. 1940 Lacs. The credit facilities were secured against
…Vinod Cotton Corp.…
Applicant Bank issued a…