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 date should be 30.09.2015, making the petition time-barred. The Corporate Debtor also submitted OTS proposals, which the Financial Creditor argued served as an acknowledgment of debt, extending the limitation period. IA No. 1784/2024
…Jammu & Kashmir Bank Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Basantar Breweries Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 08.02.2013. The Financial Creditor claimed a total debt of Rs. 51.64 crores. Initially 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. In 2014, a loan agreement was executed. In 2015, the Cash Credit Facility of Rs 10,50,00,000/- was further enhanced to Rs 16,00,00,000/-. The Financial Creditor claimed the date
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Corporate Debtor approached Financial…
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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 date should be 30.09.2015, making the petition time-barred. The Corporate Debtor also submitted OTS proposals, which the Financial Creditor argued served as an acknowledgment of debt, extending the limitation period. IA No. 1784/2024
…Jammu & Kashmir Bank Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Basantar Breweries Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on 08.02.2013. The Financial Creditor claimed a total debt of Rs. 51.64 crores. Initially 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. In 2014, a loan agreement was executed. In 2015, the Cash Credit Facility of Rs 10,50,00,000/- was further enhanced to Rs 16,00,00,000/-. The Financial Creditor claimed the date
…Corporate Debtor approached Financial…
An additional credit…