Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Basantar Breweries Private Limited, citing a default on financial debt. The Corporate Debtor opposed the petition, primarily arguing that it was barred by limitation and that the NPA classification was incorrect. The Financial Creditor claimed a total debt of Rs. 51.64 crores, with the date of default being 31.12.2015. The Corporate Debtor argued that the NPA classification should have been 30.09.2015, making the petition time-barred. The Corporate Debtor also submitted OTS proposals to the bank, which were considered during the proceedings. IA No. 1784/2024 was filed by the Corporate
…Jammu & Kashmir Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Basantar Breweries Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 51.64 crores. In 2010, the Corporate Debtor approached the Financial Creditor for credit facilities (Term Loan-1 Rs 21,48,00,000/- & Cash Credit Facility Rs 3,50,00,000/-). In 2011, an additional credit facility (Term Loan-II) amounting to Rs 11, 92, 00,000/- was availed by the Corporate Debtor. In 2014, a loan agreement was executed between the Financial Creditor and the Corporate Debtor. In 2015, Cash Credit Facility of Rs 10,50,00,000/- was further enhanced to
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Corporate Debtor approached Financial Creditor…
Corporate Debtor availed additional credit…
Jammu & Kashmir Bank Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Basantar Breweries Private Limited, citing a default on financial debt. The Corporate Debtor opposed the petition, primarily arguing that it was barred by limitation and that the NPA classification was incorrect. The Financial Creditor claimed a total debt of Rs. 51.64 crores, with the date of default being 31.12.2015. The Corporate Debtor argued that the NPA classification should have been 30.09.2015, making the petition time-barred. The Corporate Debtor also submitted OTS proposals to the bank, which were considered during the proceedings. IA No. 1784/2024 was filed by the Corporate
…Jammu & Kashmir Bank Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Basantar Breweries Private Limited (Corporate Debtor). The Financial Creditor claimed a total debt of Rs. 51.64 crores. In 2010, the Corporate Debtor approached the Financial Creditor for credit facilities (Term Loan-1 Rs 21,48,00,000/- & Cash Credit Facility Rs 3,50,00,000/-). In 2011, an additional credit facility (Term Loan-II) amounting to Rs 11, 92, 00,000/- was availed by the Corporate Debtor. In 2014, a loan agreement was executed between the Financial Creditor and the Corporate Debtor. In 2015, Cash Credit Facility of Rs 10,50,00,000/- was further enhanced to
…Corporate Debtor approached Financial Creditor…
Corporate Debtor availed additional credit…