UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ankit Metal & Power Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had entered into an agreement with the Financial Creditor for a Working Capital Credit Facility of Rs. 65,00,00,000/- in 2010. The Corporate Debtor defaulted on interest payments on 31.05.2014, and the account was classified as a Non-Performing Asset (NPA) on 28.08.2014. A Master Restructuring Agreement (MRA) was executed on 25.09.2014, but the restructuring failed. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 07.04.2018. The outstanding amount, including
…UCO Bank extended a Working Capital Credit Facility of Rs. 65,00,00,000/- to Ankit Metal & Power Limited on 10.12.2010. The Corporate Debtor defaulted on interest payments starting 31.05.2014, leading to the account being classified as NPA on 28.08.2014. A Master Restructuring Agreement (MRA) was executed on 25.09.2014, but it failed. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 07.04.2018, claiming Rs. 105,45,00,000/-. The outstanding amount, including interest, as of 16.08.2022, was Rs. 178,00,81,925/-. The Financial Creditor filed an application under Section 7 of the I&B Code on 16.08.2022. The Corporate Debtor argued the application was time-barred and that recovery proceedings were already pending before the DRT. The
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UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ankit Metal & Power Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had entered into an agreement with the Financial Creditor for a Working Capital Credit Facility of Rs. 65,00,00,000/- in 2010. The Corporate Debtor defaulted on interest payments on 31.05.2014, and the account was classified as a Non-Performing Asset (NPA) on 28.08.2014. A Master Restructuring Agreement (MRA) was executed on 25.09.2014, but the restructuring failed. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 07.04.2018. The outstanding amount, including
…UCO Bank extended a Working Capital Credit Facility of Rs. 65,00,00,000/- to Ankit Metal & Power Limited on 10.12.2010. The Corporate Debtor defaulted on interest payments starting 31.05.2014, leading to the account being classified as NPA on 28.08.2014. A Master Restructuring Agreement (MRA) was executed on 25.09.2014, but it failed. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 07.04.2018, claiming Rs. 105,45,00,000/-. The outstanding amount, including interest, as of 16.08.2022, was Rs. 178,00,81,925/-. The Financial Creditor filed an application under Section 7 of the I&B Code on 16.08.2022. The Corporate Debtor argued the application was time-barred and that recovery proceedings were already pending before the DRT. The
…Corporate Debtor entered into an agreement…
First default by the…