The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bansal Oil Extraction Pvt. Ltd. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, which the Corporate Debtor failed to maintain as per the terms and conditions, leading to the account being classified as NPA. The Financial Creditor then filed an application for recovery of debts before DRT-III Kolkata. The Corporate Debtor acknowledged its liability in its financial statements and through One Time Settlement proposals, which were rejected by the Financial Creditor.
Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bansal Oil Extraction Pvt. Ltd., the Corporate Debtor. The Financial Creditor had sanctioned a term loan of Rs.4.30 Crores and a cash credit limit of Rs.16 Crore to the Corporate Debtor in March 2010. These facilities were renewed and enhanced over time, with the last sanction made in March 2014 and the fresh loan disbursed on March 31, 2014. The Corporate Debtor failed to maintain the accounts as per the terms and conditions, leading to the account being classified as NPA on October 16, 2014. The Financial Creditor filed an application before DRT-III Kolkata for recovery of
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Financial Creditor sanctioned term loan account…
Financial Creditor enhanced the credit…
The case involves an application filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Bansal Oil Extraction Pvt. Ltd. The Financial Creditor had sanctioned credit facilities to the Corporate Debtor, which the Corporate Debtor failed to maintain as per the terms and conditions, leading to the account being classified as NPA. The Financial Creditor then filed an application for recovery of debts before DRT-III Kolkata. The Corporate Debtor acknowledged its liability in its financial statements and through One Time Settlement proposals, which were rejected by the Financial Creditor.
Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bansal Oil Extraction Pvt. Ltd., the Corporate Debtor. The Financial Creditor had sanctioned a term loan of Rs.4.30 Crores and a cash credit limit of Rs.16 Crore to the Corporate Debtor in March 2010. These facilities were renewed and enhanced over time, with the last sanction made in March 2014 and the fresh loan disbursed on March 31, 2014. The Corporate Debtor failed to maintain the accounts as per the terms and conditions, leading to the account being classified as NPA on October 16, 2014. The Financial Creditor filed an application before DRT-III Kolkata for recovery of
…Financial Creditor sanctioned term loan account…
Financial Creditor enhanced the credit…