Oriental Bank of Commerce, as a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Yamuna Infradevelopers Pvt. Ltd. due to the corporate debtor's inability to liquidate its debts. The corporate debtor, engaged in real estate and construction, was sanctioned a term loan of Rs. 10 crores for participating in an auction for mineral blocks in Haryana. The corporate debtor executed loan documents agreeing to repay the principal in 66 equal monthly installments commencing in 2016. The loan was secured by an equitable mortgage of commercial land and building. The corporate debtor failed to maintain financial discipline, leading to the account being declared an NPA. A notice under the SARFAESI Act was issued.
Oriental Bank of Commerce (OBC) sanctioned a term loan of Rs. 10 crores to Yamuna Infradevelopers Pvt. Ltd. for participating in an auction for mineral blocks in Haryana. Yamuna Infradevelopers executed loan documents agreeing to repay the principal amount in 66 equal monthly installments of Rs. 15.15 lakhs commencing in 2016. The loan was secured by an equitable mortgage of a commercial land and building. Yamuna Infradevelopers failed to maintain financial discipline and was irregular in repaying the monthly installments. OBC declared the account an NPA and issued a notice under the SARFAESI Act. The outstanding dues amounted to Rs. 2,23,10,216/-. Despite repeated requests, Yamuna Infradevelopers failed to liquidate or reduce the liability. Yamuna Infradevelopers
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Yamuna Infradevelopers agreed to repay the…
Yamuna Infradevelopers…
Oriental Bank of Commerce, as a Financial Creditor, initiated the Corporate Insolvency Resolution Process (CIRP) against Yamuna Infradevelopers Pvt. Ltd. due to the corporate debtor's inability to liquidate its debts. The corporate debtor, engaged in real estate and construction, was sanctioned a term loan of Rs. 10 crores for participating in an auction for mineral blocks in Haryana. The corporate debtor executed loan documents agreeing to repay the principal in 66 equal monthly installments commencing in 2016. The loan was secured by an equitable mortgage of commercial land and building. The corporate debtor failed to maintain financial discipline, leading to the account being declared an NPA. A notice under the SARFAESI Act was issued.
Oriental Bank of Commerce (OBC) sanctioned a term loan of Rs. 10 crores to Yamuna Infradevelopers Pvt. Ltd. for participating in an auction for mineral blocks in Haryana. Yamuna Infradevelopers executed loan documents agreeing to repay the principal amount in 66 equal monthly installments of Rs. 15.15 lakhs commencing in 2016. The loan was secured by an equitable mortgage of a commercial land and building. Yamuna Infradevelopers failed to maintain financial discipline and was irregular in repaying the monthly installments. OBC declared the account an NPA and issued a notice under the SARFAESI Act. The outstanding dues amounted to Rs. 2,23,10,216/-. Despite repeated requests, Yamuna Infradevelopers failed to liquidate or reduce the liability. Yamuna Infradevelopers
…Yamuna Infradevelopers agreed to repay the…
Yamuna Infradevelopers…