UCO Bank, a financial creditor, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, against Limtex (India) Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from the financial creditor with an aggregate limit of ₹15,00,00,000 under a consortium arrangement with State Bank of India. The corporate debtor failed to operate the accounts in terms of the agreement and started defaulting in servicing interest and principal amounts, leading to the account being classified as NPA on 30th September 2016. The financial creditor issued a demand notice on 6th March 2017, demanding payment of the outstanding amount.
UCO Bank extended credit facilities to Limtex (India) Limited, with an aggregate limit of ₹15,00,00,000 under a consortium arrangement with State Bank of India (SBI). These facilities included Cash Credit, Export Packing Credit, FBP/FBN A/c, and Letter of Credit. The credit facilities were sanctioned on terms recorded in a Sanction Advice dated 20 November 2014. The Corporate Debtor defaulted on payments, leading to the account being classified as a Non-Performing Asset (NPA) on 30 September 2016. UCO Bank issued a demand notice on 6 March 2017, seeking payment of the outstanding dues. The outstanding amount was ₹25,58,52,513 as of 30 September 2019. The Corporate Debtor acknowledged the debt in its balance sheets for the years ending 31 March 2018 and 31 March 2019.
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UCO Bank, a financial creditor, filed a petition under Section 7(1) of the Insolvency and Bankruptcy Code, 2016, against Limtex (India) Limited, the corporate debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The corporate debtor had availed credit facilities from the financial creditor with an aggregate limit of ₹15,00,00,000 under a consortium arrangement with State Bank of India. The corporate debtor failed to operate the accounts in terms of the agreement and started defaulting in servicing interest and principal amounts, leading to the account being classified as NPA on 30th September 2016. The financial creditor issued a demand notice on 6th March 2017, demanding payment of the outstanding amount.
UCO Bank extended credit facilities to Limtex (India) Limited, with an aggregate limit of ₹15,00,00,000 under a consortium arrangement with State Bank of India (SBI). These facilities included Cash Credit, Export Packing Credit, FBP/FBN A/c, and Letter of Credit. The credit facilities were sanctioned on terms recorded in a Sanction Advice dated 20 November 2014. The Corporate Debtor defaulted on payments, leading to the account being classified as a Non-Performing Asset (NPA) on 30 September 2016. UCO Bank issued a demand notice on 6 March 2017, seeking payment of the outstanding dues. The outstanding amount was ₹25,58,52,513 as of 30 September 2019. The Corporate Debtor acknowledged the debt in its balance sheets for the years ending 31 March 2018 and 31 March 2019.
…Credit facilit…
Corporate Debto…