Bank of Baroda, previously known as Dena Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hind Agro Industries Ltd., citing default on financial debt. The application was filed due to non-payment of a financial debt amounting to Rs. 189,18,32,289, later revised to Rs. 131,35,68,143. The corporate debtor had availed various credit facilities from a consortium of banks, including Dena Bank, Punjab National Bank, and Indian Bank, under a multi-banking arrangement which later converted into a consortium agreement. The corporate debtor defaulted on repayment despite repeated restructuring efforts by the banks. The account was classified as NPA by various banks in 2016,
…On 19.01.1998, the Financial Creditor advanced Rs.10.02 lacs to the Corporate Debtor. The Corporate Debtor availed credit facilities from Dena Bank (now Bank of Baroda), Punjab National Bank (PNB), and Indian Bank under a Multi Banking Arrangement, later converted into a consortium agreement. The Corporate Debtor executed a Common Working Capital Consortium Agreement and a Joint Deed of Hypothecation. On 27.04.2005, a mortgage was created by depositing title deeds of a group company, M/s Al Mashriq Exports Pvt. Ltd. A new Working Capital Consortium Agreement and a Joint Deed of Hypothecation were executed on 15th October, 2007, enhancing the total limit to Rs.110.50 crores. Further enhancements occurred on 13th February, 2009 (Rs.165.80 crores) and 11th August, 2011
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The Financial Creditor…
A mortgage was created by depositing title…
Bank of Baroda, previously known as Dena Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hind Agro Industries Ltd., citing default on financial debt. The application was filed due to non-payment of a financial debt amounting to Rs. 189,18,32,289, later revised to Rs. 131,35,68,143. The corporate debtor had availed various credit facilities from a consortium of banks, including Dena Bank, Punjab National Bank, and Indian Bank, under a multi-banking arrangement which later converted into a consortium agreement. The corporate debtor defaulted on repayment despite repeated restructuring efforts by the banks. The account was classified as NPA by various banks in 2016,
…On 19.01.1998, the Financial Creditor advanced Rs.10.02 lacs to the Corporate Debtor. The Corporate Debtor availed credit facilities from Dena Bank (now Bank of Baroda), Punjab National Bank (PNB), and Indian Bank under a Multi Banking Arrangement, later converted into a consortium agreement. The Corporate Debtor executed a Common Working Capital Consortium Agreement and a Joint Deed of Hypothecation. On 27.04.2005, a mortgage was created by depositing title deeds of a group company, M/s Al Mashriq Exports Pvt. Ltd. A new Working Capital Consortium Agreement and a Joint Deed of Hypothecation were executed on 15th October, 2007, enhancing the total limit to Rs.110.50 crores. Further enhancements occurred on 13th February, 2009 (Rs.165.80 crores) and 11th August, 2011
…The Financial Creditor…
A mortgage was created by depositing title…