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 sanctioned credit facilities to the Corporate Debtor, which were later 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. To avail the credit facility, the Corporate Debtor executed several security documents and hypothecated assets. The Corporate Debtor failed to make repayments, leading to the account being declared as NPA on April 19, 2019. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms. The total amount claimed in default by
…Sign in to view the parties.
The Corporate Debtor's…
The date of de…
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 sanctioned credit facilities to the Corporate Debtor, which were later 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. To avail the credit facility, the Corporate Debtor executed several security documents and hypothecated assets. The Corporate Debtor failed to make repayments, leading to the account being declared as NPA on April 19, 2019. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002. A one-time settlement (OTS) was agreed upon, but the Corporate Debtor failed to pay as per the agreed terms. The total amount claimed in default by
…The Corporate Debtor's…
The date of de…