Abhyudaya Cooperative Bank Limited, the Financial Creditor (FC), filed a Company Petition (CP (IB) No. 382/MB/2022) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmangold Plasttech Private Limited, the Corporate Debtor (CD). The FC claimed a default of Rs. 14,03,75,530.25/- as of 31.07.2021, including principal, interest, and unapplied charges, stemming from loan and cash credit facilities sanctioned to the CD. The CD's account was classified as Non-Performing Asset (NPA) on 29.10.2019.
Abhyudaya Cooperative Bank Limited (FC) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmangold Plasttech Private Limited (CD) due to a default of Rs. 14,03,75,530.25/-. The default includes principal, interest, and unapplied charges on loan and cash credit facilities. The CD's account was classified as NPA on 29.10.2019. The FC provided credit facilities to the CD, secured by hypothecation deeds and other documents. The CD acknowledged the term loans and cash credit facility. The FC issued a Loan Recall cum Guarantee Invocation Notice dated 15.07.2021. The CD had not made any part-payment of the credit facilities between 2013 and 2021 and did not respond to the Loan Recall Notice. The FC produced a record of default from the
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Term Loan of Rs. 8,43,48,000/- and Letter of…
Term Loan of Rs. 1,00,00,000/- and the Cash…
Abhyudaya Cooperative Bank Limited, the Financial Creditor (FC), filed a Company Petition (CP (IB) No. 382/MB/2022) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmangold Plasttech Private Limited, the Corporate Debtor (CD). The FC claimed a default of Rs. 14,03,75,530.25/- as of 31.07.2021, including principal, interest, and unapplied charges, stemming from loan and cash credit facilities sanctioned to the CD. The CD's account was classified as Non-Performing Asset (NPA) on 29.10.2019.
Abhyudaya Cooperative Bank Limited (FC) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Nirmangold Plasttech Private Limited (CD) due to a default of Rs. 14,03,75,530.25/-. The default includes principal, interest, and unapplied charges on loan and cash credit facilities. The CD's account was classified as NPA on 29.10.2019. The FC provided credit facilities to the CD, secured by hypothecation deeds and other documents. The CD acknowledged the term loans and cash credit facility. The FC issued a Loan Recall cum Guarantee Invocation Notice dated 15.07.2021. The CD had not made any part-payment of the credit facilities between 2013 and 2021 and did not respond to the Loan Recall Notice. The FC produced a record of default from the
…Term Loan of Rs. 8,43,48,000/- and Letter of…
Term Loan of Rs. 1,00,00,000/- and the Cash…