The Karur Vysya Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Board of India (Petition to Adjudicating Authority) to initiate Corporate Insolvency Resolution Process (CIRP) against Ran India Steels Private Limited, citing default on financial debt.
Karur Vysya Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Ran India Steels Private Limited.
The Corporate Debtor, Ran India Steels Private Limited, defaulted on financial debt owed to the Financial Creditor.
The total debt due from the Corporate Debtor was Rs. 21,57,94,893.02 as of 14.12.2023.
The Financial Creditor had granted Open Cash Credit facility (OCC) and Inland Letter of Credit/Foreign Letter of Credit facility (ILC/FLC) for Rs. 50 Crores to the Corporate Debtor.
The Corporate Debtor's account was declared as a Non-Performing Asset (NPA) on 14.12.2023.
The Financial Creditor proposed the name of P. Balasubramanian as the Interim Resolution Professional (IRP).
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The Karur Vysya Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Board of India (Petition to Adjudicating Authority) to initiate Corporate Insolvency Resolution Process (CIRP) against Ran India Steels Private Limited, citing default on financial debt.
Karur Vysya Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Ran India Steels Private Limited.
The Corporate Debtor, Ran India Steels Private Limited, defaulted on financial debt owed to the Financial Creditor.
The total debt due from the Corporate Debtor was Rs. 21,57,94,893.02 as of 14.12.2023.
The Financial Creditor had granted Open Cash Credit facility (OCC) and Inland Letter of Credit/Foreign Letter of Credit facility (ILC/FLC) for Rs. 50 Crores to the Corporate Debtor.
The Corporate Debtor's account was declared as a Non-Performing Asset (NPA) on 14.12.2023.
The Financial Creditor proposed the name of P. Balasubramanian as the Interim Resolution Professional (IRP).
…The date of de…
Order pronounce…