Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kunal Structure (India) Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor is an MSME in the construction business and had availed loan facilities, including those under the Emergency Credit Line Guarantee Scheme (ECLGS). The applicant claimed a default amount of Rs. 18,11,06,790.12 as of 19.01.2022. The respondent opposed the application, citing defects, the existence of arbitral awards in its favor, and the applicant's failure to invoke the ECLGS guarantee. The NCLT initially kept the proceedings in abeyance to allow the corporate debtor to settle the dues, but the default persisted.
Kotak Mahindra Bank Limited (the applicant/financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kunal Structure (India) Private Limited (the respondent/corporate debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor is an MSME engaged in the construction business. The applicant claimed a default of Rs. 18,11,06,790.12 as of 19.01.2022, arising from various Construction Equipment Loans. The loans were sanctioned between 01.09.2017 and 17.03.2021. Some of the loans were sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) announced by the Ministry of Finance on 13.05.2020. The respondent executed various documents, including guarantees and Demand Promissory
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Loan facilities were sanctioned to the…
Emergency Credit Line Guarantee Scheme…
Kotak Mahindra Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kunal Structure (India) Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor is an MSME in the construction business and had availed loan facilities, including those under the Emergency Credit Line Guarantee Scheme (ECLGS). The applicant claimed a default amount of Rs. 18,11,06,790.12 as of 19.01.2022. The respondent opposed the application, citing defects, the existence of arbitral awards in its favor, and the applicant's failure to invoke the ECLGS guarantee. The NCLT initially kept the proceedings in abeyance to allow the corporate debtor to settle the dues, but the default persisted.
Kotak Mahindra Bank Limited (the applicant/financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Kunal Structure (India) Private Limited (the respondent/corporate debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor is an MSME engaged in the construction business. The applicant claimed a default of Rs. 18,11,06,790.12 as of 19.01.2022, arising from various Construction Equipment Loans. The loans were sanctioned between 01.09.2017 and 17.03.2021. Some of the loans were sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) announced by the Ministry of Finance on 13.05.2020. The respondent executed various documents, including guarantees and Demand Promissory
…Loan facilities were sanctioned to the…
Emergency Credit Line Guarantee Scheme…