UCO Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Xenitis Infotech Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's alleged default in repayment of credit facilities availed from the consortium bank. The corporate debtor contested the application, raising objections regarding the maintainability of the application, limitation, and the authority of the signatory.
UCO Bank, acting as the lead bank and financial creditor, initiated proceedings against Xenitis Infotech Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Xenitis Infotech had availed various credit facilities from a consortium of banks, including UCO Bank, amounting to Rs. 428.52 Crores. The corporate debtor defaulted on repayments, leading UCO Bank to issue a demand notice and initiate recovery proceedings before the Debts Recovery Tribunal. The account was classified as a Non-Performing Asset (NPA) on 06.03.2010. Several restructuring agreements were executed, and the corporate debtor acknowledged the debt on multiple occasions. However, UCO Bank independently filed the application for CIRP, despite being a member of the Joint
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The account of Xenitis…
A Master Restructuring Agreement was entered…
UCO Bank, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Xenitis Infotech Ltd., the corporate debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was based on the corporate debtor's alleged default in repayment of credit facilities availed from the consortium bank. The corporate debtor contested the application, raising objections regarding the maintainability of the application, limitation, and the authority of the signatory.
UCO Bank, acting as the lead bank and financial creditor, initiated proceedings against Xenitis Infotech Ltd., the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Xenitis Infotech had availed various credit facilities from a consortium of banks, including UCO Bank, amounting to Rs. 428.52 Crores. The corporate debtor defaulted on repayments, leading UCO Bank to issue a demand notice and initiate recovery proceedings before the Debts Recovery Tribunal. The account was classified as a Non-Performing Asset (NPA) on 06.03.2010. Several restructuring agreements were executed, and the corporate debtor acknowledged the debt on multiple occasions. However, UCO Bank independently filed the application for CIRP, despite being a member of the Joint
…The account of Xenitis…
A Master Restructuring Agreement was entered…