Agroha Paper Industries Pvt. Ltd., the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts, exacerbated by the economic downturn during the COVID-19 pandemic. The Bank of Maharashtra, the Financial Creditor, opposed the petition, alleging that the Corporate Applicant was attempting to stall recovery proceedings and had not approached the Tribunal with clean hands. The Financial Creditor had initiated SARFAESI Act proceedings, including taking possession of mortgaged properties and issuing e-auction sale notices.
Agroha Paper Industries Pvt. Ltd. (Corporate Applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company's registered office is located in Lucknow, Uttar Pradesh. The company availed loan facilities from the Bank of Maharashtra (Financial Creditor), including a term loan of Rs. 150 lakhs and a cash credit facility. Due to an economic downturn, the Corporate Applicant defaulted on its loan repayments. The Bank of Maharashtra declared the account as NPA on 28.10.2018. The Financial Creditor issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002, for the repayment of Rs. 4,39,55,214 plus interest. The Corporate Applicant sought additional funds or time to repay
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Bank of Maharashtra sanctioned term loan of Rs.…
Bank of Maharashtra enhanced the cash credit…
Agroha Paper Industries Pvt. Ltd., the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed due to the company's inability to repay its debts, exacerbated by the economic downturn during the COVID-19 pandemic. The Bank of Maharashtra, the Financial Creditor, opposed the petition, alleging that the Corporate Applicant was attempting to stall recovery proceedings and had not approached the Tribunal with clean hands. The Financial Creditor had initiated SARFAESI Act proceedings, including taking possession of mortgaged properties and issuing e-auction sale notices.
Agroha Paper Industries Pvt. Ltd. (Corporate Applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company's registered office is located in Lucknow, Uttar Pradesh. The company availed loan facilities from the Bank of Maharashtra (Financial Creditor), including a term loan of Rs. 150 lakhs and a cash credit facility. Due to an economic downturn, the Corporate Applicant defaulted on its loan repayments. The Bank of Maharashtra declared the account as NPA on 28.10.2018. The Financial Creditor issued a demand notice on 11.01.2019 under Section 13(2) of the SARFAESI Act, 2002, for the repayment of Rs. 4,39,55,214 plus interest. The Corporate Applicant sought additional funds or time to repay
…Bank of Maharashtra sanctioned term loan of Rs.…
Bank of Maharashtra enhanced the cash credit…