Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Laxmi Engineering Industries (Bhopal) Pvt Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in debt repayment. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, including Open Cash Credit (OCC), Letter of Credit (LC), and term loans. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 04.06.2018 due to irregular payments. Despite multiple One Time Settlement (OTS) offers from the Corporate Debtor, the Financial Creditor rejected them. The Corporate Debtor contended that the NPA declaration was premature and in contravention of RBI guidelines, and that the Financial
…Canara Bank (Financial Creditor) filed CP (IB)8/(MP)2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Laxmi Engineering Industries (Bhopal) Pvt Ltd (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on a debt of Rs. 61,02,00,000/- approximately, inclusive of interest and other charges as of 30.11.2021, for Loan Account No. 3457261000001 and 3457773000011. The date of default was stated as 04.06.2018. The Financial Creditor sanctioned loan to the Corporate Debtor on 22.12.2010, comprising of Open Cash Credit (OCC) limit, Letter of Credit (LC) limit, and bank guarantee (BG). On 10.01.2011, a master facility loan agreement was executed. During 2013-2017, credit facilities were enhanced.
…Sign in to view the parties.
DGM of Financial Creditor Canara Bank made…
Financial Creditor…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Laxmi Engineering Industries (Bhopal) Pvt Ltd, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in debt repayment. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, including Open Cash Credit (OCC), Letter of Credit (LC), and term loans. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on 04.06.2018 due to irregular payments. Despite multiple One Time Settlement (OTS) offers from the Corporate Debtor, the Financial Creditor rejected them. The Corporate Debtor contended that the NPA declaration was premature and in contravention of RBI guidelines, and that the Financial
…Canara Bank (Financial Creditor) filed CP (IB)8/(MP)2022 under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Laxmi Engineering Industries (Bhopal) Pvt Ltd (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on a debt of Rs. 61,02,00,000/- approximately, inclusive of interest and other charges as of 30.11.2021, for Loan Account No. 3457261000001 and 3457773000011. The date of default was stated as 04.06.2018. The Financial Creditor sanctioned loan to the Corporate Debtor on 22.12.2010, comprising of Open Cash Credit (OCC) limit, Letter of Credit (LC) limit, and bank guarantee (BG). On 10.01.2011, a master facility loan agreement was executed. During 2013-2017, credit facilities were enhanced.
…DGM of Financial Creditor Canara Bank made…
Financial Creditor…