IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Fortune Spirit Limited due to a financial debt of Rs. 18,50,93,177.22.
IDBI Bank Limited filed an application to initiate CIRP against Fortune Spirit Limited under Section 7 of the IBC.
The Corporate Debtor had approached the Financial Creditor for a working capital limit of Rs. 15 Crore in 2014.
The Financial Creditor sanctioned a loan of Rs. 15 crores in 2014, which was later renewed and brought down to Rs. 12 crores.
The loan account of the Corporate Debtor was declared as NPA on 31.03.2021.
The Financial Creditor issued a Demand Notice under Section 13(2) of the SARFAESI Act and also issued Possession Notices.
The Corporate Debtor made an OTS proposal for Rs. 10 crores, which was later revised to Rs. 11 crores.
The cheque issued by the Corporate Debtor for the OTS amount was dishonoured.
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Corporate Debtor approached Financial…
Financial Cr…
IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Fortune Spirit Limited due to a financial debt of Rs. 18,50,93,177.22.
IDBI Bank Limited filed an application to initiate CIRP against Fortune Spirit Limited under Section 7 of the IBC.
The Corporate Debtor had approached the Financial Creditor for a working capital limit of Rs. 15 Crore in 2014.
The Financial Creditor sanctioned a loan of Rs. 15 crores in 2014, which was later renewed and brought down to Rs. 12 crores.
The loan account of the Corporate Debtor was declared as NPA on 31.03.2021.
The Financial Creditor issued a Demand Notice under Section 13(2) of the SARFAESI Act and also issued Possession Notices.
The Corporate Debtor made an OTS proposal for Rs. 10 crores, which was later revised to Rs. 11 crores.
The cheque issued by the Corporate Debtor for the OTS amount was dishonoured.
…Corporate Debtor approached Financial…
Financial Cr…