The case involves an application filed by Omkara Asset Reconstruction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, FACT-RCF Building Products Ltd. The original Financial Creditor, New India Cooperative Bank Ltd., had sanctioned a term loan of Rs. 24 crores to the Corporate Debtor, which was later restructured, increasing the total debt to Rs. 29.75 crores. The Corporate Debtor created pari passu security on plant and machinery and equitable mortgage on land in favor of the Assignor. Due to irregular loan repayments, the account was classified as NPA on 31.07.2016. The Assignor assigned the loan to the Financial Creditor on 31.03.2018. The Corporate Debtor

The case involves an application filed by Omkara Asset Reconstruction Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, FACT-RCF Building Products Ltd. The original Financial Creditor, New India Cooperative Bank Ltd., had sanctioned a term loan of Rs. 24 crores to the Corporate Debtor, which was later restructured, increasing the total debt to Rs. 29.75 crores. The Corporate Debtor created pari passu security on plant and machinery and equitable mortgage on land in favor of the Assignor. Due to irregular loan repayments, the account was classified as NPA on 31.07.2016. The Assignor assigned the loan to the Financial Creditor on 31.03.2018. The Corporate Debtor