Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against P.C. Dey & Son Distributors Private Limited. The bank had sanctioned credit facilities aggregating to Rs. 21 crores on 30.01.2017, which was later enhanced to Rs. 21,85,24,000. A car loan of Rs. 23,30,000 was also sanctioned on 07.08.2017. The Corporate Debtor started defaulting on payments, leading to the issuance of a notice under Section 13(2) of the SARFAESI Act, 2002. The bank claimed a defaulted amount of Rs. 30,43,11,409, including accrued interest up to 31.01.2023. The Corporate Debtor argued that the application was barred by limitation and that the person signing the application lacked
…Indian Bank sanctioned credit facilities to P.C. Dey & Son Distributors Private Limited aggregating to Rs. 21 crores on 2017-01-30. This was later enhanced to Rs. 21,85,24,000. A car loan of Rs. 23,30,000 was also sanctioned on 2017-08-07. The Corporate Debtor defaulted on payments, leading to a notice under Section 13(2) of the SARFAESI Act, 2002, issued on 2022-09-13. The bank claimed a defaulted amount of Rs. 30,43,11,409, including accrued interest, as of 2023-01-31. The initial default date was 2019-10-01, and the loan account was classified as NPA on 2020-01-28. The application under Section 7 of IBC was filed in March 2023. The respondent argued the application was time-barred, considering the default and NPA declaration dates. The applicant contended that
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Indian Bank sanctioned credit facilities…
Indian Bank sanctioned a car loan of Rs.…
Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against P.C. Dey & Son Distributors Private Limited. The bank had sanctioned credit facilities aggregating to Rs. 21 crores on 30.01.2017, which was later enhanced to Rs. 21,85,24,000. A car loan of Rs. 23,30,000 was also sanctioned on 07.08.2017. The Corporate Debtor started defaulting on payments, leading to the issuance of a notice under Section 13(2) of the SARFAESI Act, 2002. The bank claimed a defaulted amount of Rs. 30,43,11,409, including accrued interest up to 31.01.2023. The Corporate Debtor argued that the application was barred by limitation and that the person signing the application lacked
…Indian Bank sanctioned credit facilities to P.C. Dey & Son Distributors Private Limited aggregating to Rs. 21 crores on 2017-01-30. This was later enhanced to Rs. 21,85,24,000. A car loan of Rs. 23,30,000 was also sanctioned on 2017-08-07. The Corporate Debtor defaulted on payments, leading to a notice under Section 13(2) of the SARFAESI Act, 2002, issued on 2022-09-13. The bank claimed a defaulted amount of Rs. 30,43,11,409, including accrued interest, as of 2023-01-31. The initial default date was 2019-10-01, and the loan account was classified as NPA on 2020-01-28. The application under Section 7 of IBC was filed in March 2023. The respondent argued the application was time-barred, considering the default and NPA declaration dates. The applicant contended that
…Indian Bank sanctioned credit facilities…
Indian Bank sanctioned a car loan of Rs.…