The Bank of Maharashtra, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Nanai Dairy Pvt. Ltd., the Corporate Debtor, due to defaults in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached the Financial Creditor for loan facilities, which were sanctioned. However, the Corporate Debtor defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA). Despite notices and proceedings under the SARFAESI Act, the Corporate Debtor failed to make payments. The Financial Creditor filed an application for condonation of delay in filing the petition.
The Bank of Maharashtra sanctioned loan facilities to Nanai Dairy Pvt. Ltd. for its milk production business. These facilities included term loans and cash credit facilities with varying interest rates. The Corporate Debtor defaulted on repayments, leading to the account being declared an NPA on May 31, 2013. The outstanding amount as of November 20, 2019, was Rs. 13,25,18,166/-, including a principal amount of Rs. 8,63,44,766/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on August 12, 2013, but the Corporate Debtor failed to respond or make payments. The Corporate Debtor proposed a One Time Settlement (OTS) on February 6, 2021, which did not materialize. The Financial Creditor initiated proceedings in the Debt Recovery Tribunal
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The Bank of Maharashtra, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Nanai Dairy Pvt. Ltd., the Corporate Debtor, due to defaults in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached the Financial Creditor for loan facilities, which were sanctioned. However, the Corporate Debtor defaulted on repayments, leading to the account being declared a Non-Performing Asset (NPA). Despite notices and proceedings under the SARFAESI Act, the Corporate Debtor failed to make payments. The Financial Creditor filed an application for condonation of delay in filing the petition.
The Bank of Maharashtra sanctioned loan facilities to Nanai Dairy Pvt. Ltd. for its milk production business. These facilities included term loans and cash credit facilities with varying interest rates. The Corporate Debtor defaulted on repayments, leading to the account being declared an NPA on May 31, 2013. The outstanding amount as of November 20, 2019, was Rs. 13,25,18,166/-, including a principal amount of Rs. 8,63,44,766/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on August 12, 2013, but the Corporate Debtor failed to respond or make payments. The Corporate Debtor proposed a One Time Settlement (OTS) on February 6, 2021, which did not materialize. The Financial Creditor initiated proceedings in the Debt Recovery Tribunal
…The account of the…
The Financial Creditor…