UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bush Tea Company Private Limited, claiming a default of Rs. 48,22,49,567.54. The Financial Creditor had extended credit facilities to the Corporate Debtor, which were subsequently renewed and enhanced. The Corporate Debtor failed to adhere to the terms and conditions of the sanction letter, leading to the account being declared as NPA on April 19, 2019. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bush Tea Company Private Limited, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned and later enhanced to Rs. 40,00,00,000. The Corporate Debtor executed security documents and hypothecated assets to avail the credit facility. However, the Corporate Debtor failed to make repayments, leading to the account being declared as NPA on April 19, 2019. The total amount in default was Rs. 48,22,49,567.54 as of September 22, 2020, with the date of default being January 31, 2019. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms.
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UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bush Tea Company Private Limited, claiming a default of Rs. 48,22,49,567.54. The Financial Creditor had extended credit facilities to the Corporate Debtor, which were subsequently renewed and enhanced. The Corporate Debtor failed to adhere to the terms and conditions of the sanction letter, leading to the account being declared as NPA on April 19, 2019. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bush Tea Company Private Limited, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for credit facilities, which were sanctioned and later enhanced to Rs. 40,00,00,000. The Corporate Debtor executed security documents and hypothecated assets to avail the credit facility. However, the Corporate Debtor failed to make repayments, leading to the account being declared as NPA on April 19, 2019. The total amount in default was Rs. 48,22,49,567.54 as of September 22, 2020, with the date of default being January 31, 2019. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms.
…The Corporate Debtor's…
The date of de…