Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Magnifico Minerals Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a financial default of Rs. 175,96,47,674/- as on 22.03.2024. The Corporate Debtor (CD) had availed credit facilities from a consortium of banks, including the Applicant Bank, with Bank of India as the Lead Bank. The CD defaulted on payments, leading to the account being declared NPA. Despite settlement proposals and notices under the SARFAESI Act, the default remained unresolved, prompting the filing of the CIRP application.
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Magnifico Minerals Private Limited. The application was filed on 08.04.2024 due to a financial default of Rs. 175,96,47,674/- as on 22.03.2024. Magnifico Minerals Private Limited had availed credit facilities, including CC cum OD and ILC/FLC/BG/LOU-LOC, totaling Rs. 100 crore, from a consortium of banks. The Corporate Debtor executed a loan document on 25.06.2013 in favor of the Consortium of Banks. The CD defaulted on payments, and the account was declared NPA on 02.05.2019. The Petitioner issued a notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor admitted to the default in payment of the loan.
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Magnifico Minerals…
The Corporate Debtor…
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Magnifico Minerals Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a financial default of Rs. 175,96,47,674/- as on 22.03.2024. The Corporate Debtor (CD) had availed credit facilities from a consortium of banks, including the Applicant Bank, with Bank of India as the Lead Bank. The CD defaulted on payments, leading to the account being declared NPA. Despite settlement proposals and notices under the SARFAESI Act, the default remained unresolved, prompting the filing of the CIRP application.
Central Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Magnifico Minerals Private Limited. The application was filed on 08.04.2024 due to a financial default of Rs. 175,96,47,674/- as on 22.03.2024. Magnifico Minerals Private Limited had availed credit facilities, including CC cum OD and ILC/FLC/BG/LOU-LOC, totaling Rs. 100 crore, from a consortium of banks. The Corporate Debtor executed a loan document on 25.06.2013 in favor of the Consortium of Banks. The CD defaulted on payments, and the account was declared NPA on 02.05.2019. The Petitioner issued a notice under Section 13(2) of the SARFAESI Act, 2002. The Corporate Debtor admitted to the default in payment of the loan.
Magnifico Minerals…
The Corporate Debtor…