The case involves an application (I.A./5926/ND/2022) filed by M/s. GK Dairy and Milk Products Private Limited ('Applicant') in relation to a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Applicant, who is the Corporate Debtor. The Corporate Debtor filed the application seeking to bring additional documents on record.
M/s. GK Dairy and Milk Products Private Limited ('Applicant'/'Corporate Debtor') is facing a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Debtor filed I.A./5926/ND/2022 to bring additional documents on record. The Corporate Debtor claimed that the Financial Creditor had permitted a 10% cut-back ('Tagging Arrangement') in the NPA account and that they had deposited Rs.50 Lacs upfront and set aside 18.5% of total credits between 31.03.2022 and 30.09.2022. The Financial Creditor argued that the Corporate Debtor is unable to serve the monthly interest payment, with outstanding dues of Rs.27.60 Crores as of 30.11.2022,
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M/s. Kotak Mahindra Bank Limited filed Company…
M/s. GK Dairy and Milk Products Private Limited…
The case involves an application (I.A./5926/ND/2022) filed by M/s. GK Dairy and Milk Products Private Limited ('Applicant') in relation to a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Applicant, who is the Corporate Debtor. The Corporate Debtor filed the application seeking to bring additional documents on record.
M/s. GK Dairy and Milk Products Private Limited ('Applicant'/'Corporate Debtor') is facing a Company Petition (IB)-421/ND/2021 filed by M/s. Kotak Mahindra Bank Limited ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Debtor filed I.A./5926/ND/2022 to bring additional documents on record. The Corporate Debtor claimed that the Financial Creditor had permitted a 10% cut-back ('Tagging Arrangement') in the NPA account and that they had deposited Rs.50 Lacs upfront and set aside 18.5% of total credits between 31.03.2022 and 30.09.2022. The Financial Creditor argued that the Corporate Debtor is unable to serve the monthly interest payment, with outstanding dues of Rs.27.60 Crores as of 30.11.2022,
…M/s. Kotak Mahindra Bank Limited filed Company…
M/s. GK Dairy and Milk Products Private Limited…