The Jammu & Kashmir Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ace Engineering (India) Pvt. Ltd. The bank claimed that Ace Engineering defaulted on credit facilities availed in 2012, including cash credit and bank guarantee facilities. The corporate debtor was declared a Non-Performing Asset (NPA) on 31.03.2016. The bank issued a recall notice on 10.04.2017. The corporate debtor argued that a full and final settlement had been reached, with more than Rs. 11.30 crore paid. The bank refuted this, stating that the part-payment was adjusted towards credit facilities, but the outstanding amount remained due. The corporate debtor also filed a Writ
…Jammu & Kashmir Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ace Engineering (India) Pvt. Ltd. Ace Engineering availed credit facilities in 2012, including a cash credit limit of Rs. 9 crores and a bank guarantee facility of Rs. 5 crores. The last payment from Ace Engineering was on 2017-12-29. The account was declared an NPA on 2016-03-31. The total amount claimed to be in default was Rs. 10,11,23,983.19 as of 2018-10-31. Ace Engineering argued that a full and final settlement had been reached, with more than Rs. 11.30 crore paid. They entered into an agreement to sell property to guarantors in consideration of repayment of the loan. The bank issued a letter to guarantors absolving them of
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Ace Engineering (India)…
Ace Engineering availed various credit loan…
The Jammu & Kashmir Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Ace Engineering (India) Pvt. Ltd. The bank claimed that Ace Engineering defaulted on credit facilities availed in 2012, including cash credit and bank guarantee facilities. The corporate debtor was declared a Non-Performing Asset (NPA) on 31.03.2016. The bank issued a recall notice on 10.04.2017. The corporate debtor argued that a full and final settlement had been reached, with more than Rs. 11.30 crore paid. The bank refuted this, stating that the part-payment was adjusted towards credit facilities, but the outstanding amount remained due. The corporate debtor also filed a Writ
…Jammu & Kashmir Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ace Engineering (India) Pvt. Ltd. Ace Engineering availed credit facilities in 2012, including a cash credit limit of Rs. 9 crores and a bank guarantee facility of Rs. 5 crores. The last payment from Ace Engineering was on 2017-12-29. The account was declared an NPA on 2016-03-31. The total amount claimed to be in default was Rs. 10,11,23,983.19 as of 2018-10-31. Ace Engineering argued that a full and final settlement had been reached, with more than Rs. 11.30 crore paid. They entered into an agreement to sell property to guarantors in consideration of repayment of the loan. The bank issued a letter to guarantors absolving them of
…Ace Engineering (India)…
Ace Engineering availed various credit loan…