Union Bank of India (erstwhile Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Mindlogicx Infratec Limited, the Corporate Debtor, for defaulting on a debt of Rs. 14,72,37,646/-. The Corporate Debtor had availed overdraft and term loans from the bank, secured by collateral security. The account was classified as NPA on 29.05.2014. Several attempts were made to restructure the loan and settle the dues through One Time Settlement (OTS) schemes, but the Corporate Debtor failed to adhere to the agreed terms. The Financial Creditor had previously initiated proceedings before the Tribunal, which were disposed of with liberty to file a fresh CP if
…Union Bank of India (erstwhile Corporation Bank) extended overdraft and term loans to Mindlogicx Infratec Limited. The Corporate Debtor sought an overdraft loan of Rs. 1 Crore for working capital and a term loan of Rs. 10 Crores for software purchase related to a contract with Gujarat Technological University. These loans were sanctioned on 22.05.2013. The Corporate Debtor executed collateral security of commercial property in Chennai and various documents in favor of the Financial Creditor on 30.05.2013. The account was classified as NPA on 29.05.2014 due to non-compliance with the terms of sanction. The Financial Creditor annulled the restructuring order and demanded Rs. 1.14 Crores for regularization. The Corporate Debtor filed a Writ Petition (WP No.42451/2014) in
…Sign in to view the parties.
Overdraft loan of Rs.1 Crore and Term Loan of…
Corporate Debtor…
Union Bank of India (erstwhile Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Mindlogicx Infratec Limited, the Corporate Debtor, for defaulting on a debt of Rs. 14,72,37,646/-. The Corporate Debtor had availed overdraft and term loans from the bank, secured by collateral security. The account was classified as NPA on 29.05.2014. Several attempts were made to restructure the loan and settle the dues through One Time Settlement (OTS) schemes, but the Corporate Debtor failed to adhere to the agreed terms. The Financial Creditor had previously initiated proceedings before the Tribunal, which were disposed of with liberty to file a fresh CP if
…Union Bank of India (erstwhile Corporation Bank) extended overdraft and term loans to Mindlogicx Infratec Limited. The Corporate Debtor sought an overdraft loan of Rs. 1 Crore for working capital and a term loan of Rs. 10 Crores for software purchase related to a contract with Gujarat Technological University. These loans were sanctioned on 22.05.2013. The Corporate Debtor executed collateral security of commercial property in Chennai and various documents in favor of the Financial Creditor on 30.05.2013. The account was classified as NPA on 29.05.2014 due to non-compliance with the terms of sanction. The Financial Creditor annulled the restructuring order and demanded Rs. 1.14 Crores for regularization. The Corporate Debtor filed a Writ Petition (WP No.42451/2014) in
…Overdraft loan of Rs.1 Crore and Term Loan of…
Corporate Debtor…