The case involves an application filed by Union Bank of India (erstwhile Corporation Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Goenka Diamond and Jewels Limited, the Corporate Debtor. The Corporate Debtor is a public limited company engaged in the diamond and jewelry business. The Corporate Debtor availed credit facilities from a consortium of eight banks, including the Financial Creditor. The loan accounts were declared Non-Performing Assets (NPA) by March 31, 2016. The Financial Creditor initiated SARFAESI proceedings and took possession of the Corporate Debtor's properties. The Corporate Debtor offered multiple One-Time Settlement (OTS) proposals,
…Union Bank of India (formerly Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Goenka Diamond and Jewels Limited. Goenka Diamond and Jewels Limited, a public limited company, is engaged in the diamond and jewelry business. The Corporate Debtor availed credit facilities to the tune of approximately Rs. 216 Crores from a consortium of eight banks, including Union Bank of India. The loan accounts of the Corporate Debtor with the consortium of banks were declared Non-Performing Assets (NPA) by 31st March 2016, with an outstanding amount of Rs. 152 Crores. The Financial Creditor initiated SARFAESI proceedings and took possession of the movable and immovable
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Financial Creditor…
The Corporate Debtor…
The case involves an application filed by Union Bank of India (erstwhile Corporation Bank), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Goenka Diamond and Jewels Limited, the Corporate Debtor. The Corporate Debtor is a public limited company engaged in the diamond and jewelry business. The Corporate Debtor availed credit facilities from a consortium of eight banks, including the Financial Creditor. The loan accounts were declared Non-Performing Assets (NPA) by March 31, 2016. The Financial Creditor initiated SARFAESI proceedings and took possession of the Corporate Debtor's properties. The Corporate Debtor offered multiple One-Time Settlement (OTS) proposals,
…Union Bank of India (formerly Corporation Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Goenka Diamond and Jewels Limited. Goenka Diamond and Jewels Limited, a public limited company, is engaged in the diamond and jewelry business. The Corporate Debtor availed credit facilities to the tune of approximately Rs. 216 Crores from a consortium of eight banks, including Union Bank of India. The loan accounts of the Corporate Debtor with the consortium of banks were declared Non-Performing Assets (NPA) by 31st March 2016, with an outstanding amount of Rs. 152 Crores. The Financial Creditor initiated SARFAESI proceedings and took possession of the movable and immovable
…Financial Creditor…
The Corporate Debtor…