Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited. The bank claimed that the corporate debtor defaulted on a working facility credit limit of Rs. 97,00,00,000.00. The corporate debtor opposed the application, primarily on the ground of limitation and the absence of Union Bank of India as a co-applicant, since it was a consortium loan. The applicant bank contended that the application was within the limitation period due to the acknowledgment of debt by the corporate debtor in an OTS proposal and the exclusion of certain periods due to a Supreme Court order related to the COVID-19 pandemic.
Central Bank of India sanctioned a working facility credit limit of Rs. 97,00,00,000.00 to AL Nafees Frozen Food Exports Private Limited. The corporate debtor defaulted on the repayment of the debt, with the date of default being 30.10.2017, when the account was declared NPA. The bank claimed an outstanding debt of Rs. 83,17,66,730.65 as of 03.03.2023. The corporate debtor submitted an OTS proposal on 20.07.2019, which was accepted by the bank on 16.11.2019. The corporate debtor argued that the application was barred by limitation and that Union Bank of India, another member of the consortium, was not made a co-applicant. The corporate debtor also claimed to have discharged its debt to Union Bank of India. The applicant bank relied on the OTS proposal as an
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Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against AL Nafees Frozen Food Exports Private Limited. The bank claimed that the corporate debtor defaulted on a working facility credit limit of Rs. 97,00,00,000.00. The corporate debtor opposed the application, primarily on the ground of limitation and the absence of Union Bank of India as a co-applicant, since it was a consortium loan. The applicant bank contended that the application was within the limitation period due to the acknowledgment of debt by the corporate debtor in an OTS proposal and the exclusion of certain periods due to a Supreme Court order related to the COVID-19 pandemic.
Central Bank of India sanctioned a working facility credit limit of Rs. 97,00,00,000.00 to AL Nafees Frozen Food Exports Private Limited. The corporate debtor defaulted on the repayment of the debt, with the date of default being 30.10.2017, when the account was declared NPA. The bank claimed an outstanding debt of Rs. 83,17,66,730.65 as of 03.03.2023. The corporate debtor submitted an OTS proposal on 20.07.2019, which was accepted by the bank on 16.11.2019. The corporate debtor argued that the application was barred by limitation and that Union Bank of India, another member of the consortium, was not made a co-applicant. The corporate debtor also claimed to have discharged its debt to Union Bank of India. The applicant bank relied on the OTS proposal as an
…Board Resolution passed at Board Meeting of…
Board Resolution passed at Board Meeting of the…