Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Win-Stone Industries (India) Private Limited, claiming default on financial debt. The applicant, Bank of India, had sanctioned various credit facilities to the respondent, Win-Stone Industries, over different dates. The respondent faced financial constraints due to market recession and failed to regularize the account, leading to its classification as Non-Performing Asset (NPA). The bank issued a statutory notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, demanding payment of outstanding dues.
Bank of India, a financial institution, sanctioned various credit facilities to Win-Stone Industries (India) Private Limited, a company registered under the Companies Act, 1956. The credit facilities included term loans, working capital limits, and non-fund-based limits, granted on different dates starting from March 30, 2012. As of June 10, 2018, the total outstanding amount payable by Win-Stone Industries was Rs. 17,46,67,476.06. The date of default as per the Insolvency and Bankruptcy Code, 2016, was March 31, 2017. Win-Stone Industries faced financial constraints due to market recession and failed to regularize its account, leading to its classification as a Non-Performing Asset (NPA). Bank of India issued a statutory notice under Section 13(2) of the SARFAESI Act,
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Sanction lette…
Sanction lette…
Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Win-Stone Industries (India) Private Limited, claiming default on financial debt. The applicant, Bank of India, had sanctioned various credit facilities to the respondent, Win-Stone Industries, over different dates. The respondent faced financial constraints due to market recession and failed to regularize the account, leading to its classification as Non-Performing Asset (NPA). The bank issued a statutory notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, demanding payment of outstanding dues.
Bank of India, a financial institution, sanctioned various credit facilities to Win-Stone Industries (India) Private Limited, a company registered under the Companies Act, 1956. The credit facilities included term loans, working capital limits, and non-fund-based limits, granted on different dates starting from March 30, 2012. As of June 10, 2018, the total outstanding amount payable by Win-Stone Industries was Rs. 17,46,67,476.06. The date of default as per the Insolvency and Bankruptcy Code, 2016, was March 31, 2017. Win-Stone Industries faced financial constraints due to market recession and failed to regularize its account, leading to its classification as a Non-Performing Asset (NPA). Bank of India issued a statutory notice under Section 13(2) of the SARFAESI Act,
…Sanction lette…
Sanction lette…