UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's alleged default in payment of Rs. 22,89,48,278.60. The Corporate Debtor argued that the date of NPA classification should not be considered the date of default and that the petition was filed after the limitation period. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the NPA classification.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 13 February 2014. The Financial Creditor had advanced a loan of Rs. 10,00,00,000 to the Corporate Debtor on 27 August 2015. The Corporate Debtor applied for a Term Loan Facility of Rs. 20,88,000. Several loan agreements were entered into, and amounts were enhanced and disbursed. The Corporate Debtor's account was declared as NPA on 07 June 2019. The Financial Creditor issued a notice under section 13(2) of the SARFAESI Act, 2002, and another notice on 20 September 2019.
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Maa Ratanti Kalimata…
Financial Creditor…
UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's alleged default in payment of Rs. 22,89,48,278.60. The Corporate Debtor argued that the date of NPA classification should not be considered the date of default and that the petition was filed after the limitation period. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the NPA classification.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 13 February 2014. The Financial Creditor had advanced a loan of Rs. 10,00,00,000 to the Corporate Debtor on 27 August 2015. The Corporate Debtor applied for a Term Loan Facility of Rs. 20,88,000. Several loan agreements were entered into, and amounts were enhanced and disbursed. The Corporate Debtor's account was declared as NPA on 07 June 2019. The Financial Creditor issued a notice under section 13(2) of the SARFAESI Act, 2002, and another notice on 20 September 2019.
…Maa Ratanti Kalimata…
Financial Creditor…