The case involves a petition filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Union Bank of India, the Financial Creditor, claimed a default of Rs. 71,20,63,512.14/- including interest, with the date of default stated as 08.05.2015. The Corporate Debtor had applied for restructuring its accounts through the Corporate Debtor Restructuring Cell (CDR), which was approved and later reworked. The Financial Creditor sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified
…Union Bank of India, a banking company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, a private limited company. The Financial Creditor claimed a default of Rs. 71,20,63,512.14/-, including interest, with the date of default stated as 08.05.2015. The Financial Creditor had sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified as NPA on 08.05.2015, and a notice was issued under Section 13(2) of the SARFAESI Act on 31.03.2016. The Petitioner also filed Original Application No. 343 of 2018 at DRT-Aurangabad for recovery of an amount aggregating
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The case involves a petition filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Union Bank of India, the Financial Creditor, claimed a default of Rs. 71,20,63,512.14/- including interest, with the date of default stated as 08.05.2015. The Corporate Debtor had applied for restructuring its accounts through the Corporate Debtor Restructuring Cell (CDR), which was approved and later reworked. The Financial Creditor sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified
…Union Bank of India, a banking company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, a private limited company. The Financial Creditor claimed a default of Rs. 71,20,63,512.14/-, including interest, with the date of default stated as 08.05.2015. The Financial Creditor had sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified as NPA on 08.05.2015, and a notice was issued under Section 13(2) of the SARFAESI Act on 31.03.2016. The Petitioner also filed Original Application No. 343 of 2018 at DRT-Aurangabad for recovery of an amount aggregating
…The Petitioner Bank…
The date of de…