Union Bank of India (erstwhile Corporation Bank) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Healthcare Services Private Limited, the Corporate Debtor, due to a default amount of Rs. 30,19,13,435.20 as of 31.03.2019. The Corporate Debtor had been sanctioned term loan facilities and import/inland LC/buyers credit facilities. The Corporate Debtor failed to adhere to the terms of the sanction letter and its account was classified as NPA on 12.04.2016. Despite follow-ups, the Corporate Debtor did not make payments, leading the Financial Creditor to move the DRT. The Corporate Debtor proposed settlement offers, but failed to pay according to the agreed
…Union Bank of India (erstwhile Corporation Bank) sanctioned a term loan facility of Rs.28,00,00,000/- and Import/ Inland LC/ Buyers Credit as sublimit of Rs.77,00,000/- to Privilege Healthcare Services Private Limited. The Corporate Debtor executed various loan and security documents. The Corporate Debtor failed to adhere to the terms of the sanction letter, leading to its account being classified as NPA on 12.04.2016. The Financial Creditor moved the DRT for recovery of outstanding debts. The Corporate Debtor proposed to settle the outstanding debt for Rs. 30.22 Crores, which the Financial Creditor approved. The Corporate Debtor again failed to pay, proposing to settle for Rs.34.12 Crores and paying Rs. 5 Crores on 05.02.2019. An OTS was approved, but the Corporate
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Petitioner sanctioned term loan facility of…
The Corporate Debtor's…
Union Bank of India (erstwhile Corporation Bank) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Privilege Healthcare Services Private Limited, the Corporate Debtor, due to a default amount of Rs. 30,19,13,435.20 as of 31.03.2019. The Corporate Debtor had been sanctioned term loan facilities and import/inland LC/buyers credit facilities. The Corporate Debtor failed to adhere to the terms of the sanction letter and its account was classified as NPA on 12.04.2016. Despite follow-ups, the Corporate Debtor did not make payments, leading the Financial Creditor to move the DRT. The Corporate Debtor proposed settlement offers, but failed to pay according to the agreed
…Union Bank of India (erstwhile Corporation Bank) sanctioned a term loan facility of Rs.28,00,00,000/- and Import/ Inland LC/ Buyers Credit as sublimit of Rs.77,00,000/- to Privilege Healthcare Services Private Limited. The Corporate Debtor executed various loan and security documents. The Corporate Debtor failed to adhere to the terms of the sanction letter, leading to its account being classified as NPA on 12.04.2016. The Financial Creditor moved the DRT for recovery of outstanding debts. The Corporate Debtor proposed to settle the outstanding debt for Rs. 30.22 Crores, which the Financial Creditor approved. The Corporate Debtor again failed to pay, proposing to settle for Rs.34.12 Crores and paying Rs. 5 Crores on 05.02.2019. An OTS was approved, but the Corporate
…Petitioner sanctioned term loan facility of…
The Corporate Debtor's…