The Federal Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M.P. Enterprises & Associates Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 4,07,65,837/-. The Corporate Debtor had approached the Financial Creditor in 2020 for credit facilities, leading to a sanctioned Term Loan Facility of Rs. 5,00,00,000/-. The Financial Creditor issued a demand promissory note to formalize the transaction. The Corporate Debtor defaulted on payment obligations, leading to the issuance of a notice under the SARFAESI Act. Despite a One-Time Settlement (OTS) proposal by the Corporate Debtor, it was rejected by the Financial Creditor.
In 2020, M.P. Enterprises & Associates Limited (Corporate Debtor) approached The Federal Bank Limited (Financial Creditor) for credit facilities. The Financial Creditor sanctioned a Term Loan Facility of Rs. 5,00,00,000/- as a 'Commercial Vehicle Term Loan' based on the Corporate Debtor's representations. A Sanction Letter dated 17.03.2020 and a Demand Promissory Note dated 19.03.2020 were issued. The Corporate Debtor defaulted on the loan repayment, leading the Financial Creditor to issue a notice dated 13.07.2021 under the SARFAESI Act. Further defaults occurred, and the account was classified as NPA on 22.08.2022. The Financial Creditor issued a notice on 29.08.2022 under the SARFAESI Act. The Corporate Debtor submitted a One-Time Settlement (OTS) proposal on
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M.P. Enterprises & Associates Limited…
The Federal Bank Limited issued a Sanction…
The Federal Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M.P. Enterprises & Associates Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 4,07,65,837/-. The Corporate Debtor had approached the Financial Creditor in 2020 for credit facilities, leading to a sanctioned Term Loan Facility of Rs. 5,00,00,000/-. The Financial Creditor issued a demand promissory note to formalize the transaction. The Corporate Debtor defaulted on payment obligations, leading to the issuance of a notice under the SARFAESI Act. Despite a One-Time Settlement (OTS) proposal by the Corporate Debtor, it was rejected by the Financial Creditor.
In 2020, M.P. Enterprises & Associates Limited (Corporate Debtor) approached The Federal Bank Limited (Financial Creditor) for credit facilities. The Financial Creditor sanctioned a Term Loan Facility of Rs. 5,00,00,000/- as a 'Commercial Vehicle Term Loan' based on the Corporate Debtor's representations. A Sanction Letter dated 17.03.2020 and a Demand Promissory Note dated 19.03.2020 were issued. The Corporate Debtor defaulted on the loan repayment, leading the Financial Creditor to issue a notice dated 13.07.2021 under the SARFAESI Act. Further defaults occurred, and the account was classified as NPA on 22.08.2022. The Financial Creditor issued a notice on 29.08.2022 under the SARFAESI Act. The Corporate Debtor submitted a One-Time Settlement (OTS) proposal on
…M.P. Enterprises & Associates Limited…
The Federal Bank Limited issued a Sanction…