The case involves an application filed by Bank of Baroda under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s MB Malls Pvt. Ltd. The application was filed on 14.02.2020, claiming a default of Rs. 43,41,25,983.25 as of 31.01.2020. The account was declared NPA on 29.10.2012. The applicant contends that the corporate debtor defaulted on its financial obligations, leading to the application for CIRP.
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s MB Malls Pvt. Ltd. The application was filed on 14.02.2020, claiming a default of Rs. 43,41,25,983.25 as of 31.01.2020. The account was declared NPA on 29.10.2012. The corporate debtor is incorporated under the Companies Act, 1956, with CIN U74899DL1980PTC010175. On 22.11.2007, a credit facility/term loan of Rs. 22.50 Crores was sanctioned by the financial creditor to the corporate debtor for the construction of a commercial mall. Loan and security documents were executed on 14.12.2007. An inter-se agreement was executed on 14.05.2008. An additional term loan of Rs. 3.55 Crores was granted on 26.12.2011.
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Credit facility/Term Loan of Rs. 22.50 Crores…
Loaning and Security…
The case involves an application filed by Bank of Baroda under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s MB Malls Pvt. Ltd. The application was filed on 14.02.2020, claiming a default of Rs. 43,41,25,983.25 as of 31.01.2020. The account was declared NPA on 29.10.2012. The applicant contends that the corporate debtor defaulted on its financial obligations, leading to the application for CIRP.
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s MB Malls Pvt. Ltd. The application was filed on 14.02.2020, claiming a default of Rs. 43,41,25,983.25 as of 31.01.2020. The account was declared NPA on 29.10.2012. The corporate debtor is incorporated under the Companies Act, 1956, with CIN U74899DL1980PTC010175. On 22.11.2007, a credit facility/term loan of Rs. 22.50 Crores was sanctioned by the financial creditor to the corporate debtor for the construction of a commercial mall. Loan and security documents were executed on 14.12.2007. An inter-se agreement was executed on 14.05.2008. An additional term loan of Rs. 3.55 Crores was granted on 26.12.2011.
…Credit facility/Term Loan of Rs. 22.50 Crores…
Loaning and Security…