The case involves a petition filed by Indian Overseas Bank ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against Mahakal Agro Storage Processing Unit Private Limited ('Corporate Debtor'). The petition was filed due to the Corporate Debtor's default in payment of ₹15,68,12,389.14, including unapplied interest, as of July 31, 2019. The Corporate Debtor is engaged in the business of storing and preserving potatoes in cold storage and had availed credit facilities from the Financial Creditor. The Financial Creditor claims that the Corporate Debtor failed to operate the loan account as per the agreed terms, leading to the account being classified as Non-Performing
…Indian Overseas Bank ('Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against Mahakal Agro Storage Processing Unit Private Limited ('Corporate Debtor'). The Corporate Debtor, engaged in cold storage of potatoes, had availed credit facilities from the Financial Creditor. The Corporate Debtor defaulted in payment of ₹15,68,12,389.14, including unapplied interest, as of July 31, 2019. The account was classified as Non-Performing Asset ('NPA') on March 31, 2014. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated proceedings before the Debt Recovery Tribunal. The Corporate Debtor executed Demand
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Financial Creditor…
The account of the Corporate Debtor was…
The case involves a petition filed by Indian Overseas Bank ('Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against Mahakal Agro Storage Processing Unit Private Limited ('Corporate Debtor'). The petition was filed due to the Corporate Debtor's default in payment of ₹15,68,12,389.14, including unapplied interest, as of July 31, 2019. The Corporate Debtor is engaged in the business of storing and preserving potatoes in cold storage and had availed credit facilities from the Financial Creditor. The Financial Creditor claims that the Corporate Debtor failed to operate the loan account as per the agreed terms, leading to the account being classified as Non-Performing
…Indian Overseas Bank ('Financial Creditor') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process ('CIRP') against Mahakal Agro Storage Processing Unit Private Limited ('Corporate Debtor'). The Corporate Debtor, engaged in cold storage of potatoes, had availed credit facilities from the Financial Creditor. The Corporate Debtor defaulted in payment of ₹15,68,12,389.14, including unapplied interest, as of July 31, 2019. The account was classified as Non-Performing Asset ('NPA') on March 31, 2014. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, and initiated proceedings before the Debt Recovery Tribunal. The Corporate Debtor executed Demand
…Financial Creditor…
The account of the Corporate Debtor was…