The case involves an application filed by Aryan Castings Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 03.05.2011 and is engaged in manufacturing, trading, assembling, dealing, fabricating, and casting metal pipes. Union Bank of India sanctioned credit facilities to the Corporate Applicant, including cash credit and import/inland letter of credit, totaling Rs.25,00,00,000/-. A fresh working capital term loan facility of Rs.4,00,00,000/- was provided later. The Corporate Applicant defaulted on repayment, leading to a Demand Notice dated 24.11.2021 under Section 13(2) of the SARFAESI Act, 2002, followed by a Possession
…Aryan Castings Private Limited (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 03.05.2011 and is involved in manufacturing metal pipes. Union Bank of India (Financial Creditor) sanctioned credit facilities totaling Rs.25,00,00,000/- to the Corporate Applicant. A working capital term loan of Rs.4,00,00,000/- was later provided. The Corporate Applicant defaulted on repayments, leading to a Demand Notice on 24.11.2021 under SARFAESI Act and a Possession Notice on 04.02.2022. E-auctions were conducted on 25.03.2022 and 16.11.2022 to sell the company's assets. The Board of Directors approved CIRP initiation on 09.07.2023 due
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Aryan Castings…
Union Bank of India…
The case involves an application filed by Aryan Castings Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 03.05.2011 and is engaged in manufacturing, trading, assembling, dealing, fabricating, and casting metal pipes. Union Bank of India sanctioned credit facilities to the Corporate Applicant, including cash credit and import/inland letter of credit, totaling Rs.25,00,00,000/-. A fresh working capital term loan facility of Rs.4,00,00,000/- was provided later. The Corporate Applicant defaulted on repayment, leading to a Demand Notice dated 24.11.2021 under Section 13(2) of the SARFAESI Act, 2002, followed by a Possession
…Aryan Castings Private Limited (Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 03.05.2011 and is involved in manufacturing metal pipes. Union Bank of India (Financial Creditor) sanctioned credit facilities totaling Rs.25,00,00,000/- to the Corporate Applicant. A working capital term loan of Rs.4,00,00,000/- was later provided. The Corporate Applicant defaulted on repayments, leading to a Demand Notice on 24.11.2021 under SARFAESI Act and a Possession Notice on 04.02.2022. E-auctions were conducted on 25.03.2022 and 16.11.2022 to sell the company's assets. The Board of Directors approved CIRP initiation on 09.07.2023 due
…Aryan Castings…
Union Bank of India…