The case involves a petition filed by UCO Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to outstanding dues of ₹11,35,20,263.07 as of September 30, 2019. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on October 31, 2016, with the first default in servicing of interest occurring on July 31, 2016. The State Bank of India (SBI), part of the consortium arrangement, assigned its rights and interests to CFM Asset Reconstruction Private Limited. An intervention petition was filed by CFM Asset Reconstruction Private Limited.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Limited, the Corporate Debtor, due to outstanding dues of ₹11,35,20,263.07 as of September 30, 2019. The first default in servicing of interest occurred on July 31, 2016. The Corporate Debtor's account was classified as NPA on October 31, 2016. The Financial Creditor, under a consortium arrangement with SBI, had advanced a credit facility with a cash limit of Rs.750 Lakh to the Corporate Debtor. The Corporate Debtor executed several documents, including a Promissory Note for Rs.7,50,00,000/-, Letter of waiver, Letter of Continuity, and agreements for hypothecation of goods, book debts, tea crop, and movable plant &
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Corporate Debtor…
First default in servicing of interest by the…
The case involves a petition filed by UCO Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to outstanding dues of ₹11,35,20,263.07 as of September 30, 2019. The Corporate Debtor's account was declared as Non-Performing Asset (NPA) on October 31, 2016, with the first default in servicing of interest occurring on July 31, 2016. The State Bank of India (SBI), part of the consortium arrangement, assigned its rights and interests to CFM Asset Reconstruction Private Limited. An intervention petition was filed by CFM Asset Reconstruction Private Limited.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Limited, the Corporate Debtor, due to outstanding dues of ₹11,35,20,263.07 as of September 30, 2019. The first default in servicing of interest occurred on July 31, 2016. The Corporate Debtor's account was classified as NPA on October 31, 2016. The Financial Creditor, under a consortium arrangement with SBI, had advanced a credit facility with a cash limit of Rs.750 Lakh to the Corporate Debtor. The Corporate Debtor executed several documents, including a Promissory Note for Rs.7,50,00,000/-, Letter of waiver, Letter of Continuity, and agreements for hypothecation of goods, book debts, tea crop, and movable plant &
…Corporate Debtor…
First default in servicing of interest by the…