The case involves an application filed by M/s. Mittal Lumber Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the corporate insolvency resolution process. The company, incorporated in 1991, availed multiple loans from Corporation Bank in 2014. Due to financial difficulties, the company defaulted on loan repayments from June 2016 onwards. Corporation Bank had previously filed an application for recovery in 2017, and the Corporate Applicant also filed a Securitization Application in 2017. The Corporate Applicant then filed the present application for corporate insolvency resolution.
M/s. Mittal Lumber Pvt. Ltd. (the Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process. The company was incorporated on 28.02.1991 as a Public Limited company. In 2014, the company availed multiple loans from Corporation Bank, including buyer's credit. The total debt raised from Corporation Bank amounted to Rs. 6,30,29,223.00. From June 2016, the company defaulted on loan repayments due to financial difficulties. Corporation Bank filed an application for recovery of the loan amount on 12th January 2017. The Corporate Applicant also filed a Securitization Application under section 17(1) of the SARFAESI Act 2002 in the Debts Recovery Tribunal at Lucknow in
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M/s. Mittal Lumber Pvt.…
The Corporate Applicant…
The case involves an application filed by M/s. Mittal Lumber Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of the corporate insolvency resolution process. The company, incorporated in 1991, availed multiple loans from Corporation Bank in 2014. Due to financial difficulties, the company defaulted on loan repayments from June 2016 onwards. Corporation Bank had previously filed an application for recovery in 2017, and the Corporate Applicant also filed a Securitization Application in 2017. The Corporate Applicant then filed the present application for corporate insolvency resolution.
M/s. Mittal Lumber Pvt. Ltd. (the Corporate Applicant) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process. The company was incorporated on 28.02.1991 as a Public Limited company. In 2014, the company availed multiple loans from Corporation Bank, including buyer's credit. The total debt raised from Corporation Bank amounted to Rs. 6,30,29,223.00. From June 2016, the company defaulted on loan repayments due to financial difficulties. Corporation Bank filed an application for recovery of the loan amount on 12th January 2017. The Corporate Applicant also filed a Securitization Application under section 17(1) of the SARFAESI Act 2002 in the Debts Recovery Tribunal at Lucknow in
…M/s. Mittal Lumber Pvt.…
The Corporate Applicant…