UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhumya Tea Company Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for financial assistance, and credit facilities were sanctioned, enhanced, modified, and renewed over time. The Financial Creditor sanctioned credit facilities amounting to Rs. 48,30,00,000. The Corporate Debtor executed security documents in favor of the Financial Creditor and was obligated to repay the outstanding sums for term loan and cash credit facilities. However, the Corporate Debtor failed to make payments as per the agreements, leading to a breach of terms.
…UCO Bank, the Financial Creditor, extended credit facilities to Bhumya Tea Company Private Limited, the Corporate Debtor, amounting to Rs. 48,30,00,000. The Corporate Debtor failed to repay the outstanding sums as per the agreed terms, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 31.03.2018. Prior to this, the Corporate Debtor had executed security documents, including a demand promissory note, letter of undertaking, composite deed of hypothecation, extension of equitable mortgage, and personal guarantees from Mr. Sanjay Prakash Bansal and Reena Bansal, as well as a corporate guarantee from M/s Ambootia Tea Exports Private Limited. The Corporate Debtor also created an equitable mortgage on its leasehold agricultural land (tea estate) in
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The Insolvency and…
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UCO Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhumya Tea Company Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for financial assistance, and credit facilities were sanctioned, enhanced, modified, and renewed over time. The Financial Creditor sanctioned credit facilities amounting to Rs. 48,30,00,000. The Corporate Debtor executed security documents in favor of the Financial Creditor and was obligated to repay the outstanding sums for term loan and cash credit facilities. However, the Corporate Debtor failed to make payments as per the agreements, leading to a breach of terms.
…UCO Bank, the Financial Creditor, extended credit facilities to Bhumya Tea Company Private Limited, the Corporate Debtor, amounting to Rs. 48,30,00,000. The Corporate Debtor failed to repay the outstanding sums as per the agreed terms, leading UCO Bank to classify the account as a Non-Performing Asset (NPA) on 31.03.2018. Prior to this, the Corporate Debtor had executed security documents, including a demand promissory note, letter of undertaking, composite deed of hypothecation, extension of equitable mortgage, and personal guarantees from Mr. Sanjay Prakash Bansal and Reena Bansal, as well as a corporate guarantee from M/s Ambootia Tea Exports Private Limited. The Corporate Debtor also created an equitable mortgage on its leasehold agricultural land (tea estate) in
…The Insolvency and…
The Corporate Debtor signed a balance…