The case pertains to a petition filed by Janata Sahakari Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Blue Cross Road Solutions Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 5,49,76,638/- along with accrued interest. The Corporate Debtor had approached the Petitioner for a Cash Credit Facility, which was granted and disbursed. The Corporate Debtor defaulted in repayment, leading to the filing of this petition.
Janata Sahakari Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Blue Cross Road Solutions Limited (Corporate Debtor). The Corporate Debtor had initially been named M/s Torrent Petrochem Limited before changing its name. In October 2014, the Corporate Debtor approached the Financial Creditor for a Cash Credit Facility of Rs. 10,00,00,000/-. The Financial Creditor disbursed Rs. 5,50,00,000/- on 16.10.2014. The Cash Credit Facility was offered at an interest rate of 15% p.a. Promoters of the Corporate Debtor executed a Mortgage Deed dated 08.01.2015. The Corporate Debtor defaulted in repayment, with the date of default stated as 05.09.2019.
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The Corporate Debtor approached the Financial…
The Financial Creditor…
The case pertains to a petition filed by Janata Sahakari Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Blue Cross Road Solutions Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 5,49,76,638/- along with accrued interest. The Corporate Debtor had approached the Petitioner for a Cash Credit Facility, which was granted and disbursed. The Corporate Debtor defaulted in repayment, leading to the filing of this petition.
Janata Sahakari Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Blue Cross Road Solutions Limited (Corporate Debtor). The Corporate Debtor had initially been named M/s Torrent Petrochem Limited before changing its name. In October 2014, the Corporate Debtor approached the Financial Creditor for a Cash Credit Facility of Rs. 10,00,00,000/-. The Financial Creditor disbursed Rs. 5,50,00,000/- on 16.10.2014. The Cash Credit Facility was offered at an interest rate of 15% p.a. Promoters of the Corporate Debtor executed a Mortgage Deed dated 08.01.2015. The Corporate Debtor defaulted in repayment, with the date of default stated as 05.09.2019.
…The Corporate Debtor approached the Financial…
The Financial Creditor…