Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited, the corporate debtor. The corporate debtor had approached the applicant for cash credit facilities, which were granted and subsequently enhanced. The account was declared NPA on 30.08.2017 due to the corporate debtor's failure to pay the outstanding amount.
Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit facilities from the Financial Creditor, which were granted and subsequently enhanced. The account was declared Non-Performing Asset (NPA) on 30.08.2017 due to the Corporate Debtor's failure to repay the outstanding amount. The Financial Creditor claimed Rs. 51,12,91,319.70 as the total amount due as of 30.06.2022. The Corporate Debtor argued that the application was barred by limitation, as it was filed beyond the three-year period from the date of NPA. The Financial Creditor relied on
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Union Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited, the corporate debtor. The corporate debtor had approached the applicant for cash credit facilities, which were granted and subsequently enhanced. The account was declared NPA on 30.08.2017 due to the corporate debtor's failure to pay the outstanding amount.
Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sheen India Private Limited (Corporate Debtor). The Corporate Debtor had availed cash credit facilities from the Financial Creditor, which were granted and subsequently enhanced. The account was declared Non-Performing Asset (NPA) on 30.08.2017 due to the Corporate Debtor's failure to repay the outstanding amount. The Financial Creditor claimed Rs. 51,12,91,319.70 as the total amount due as of 30.06.2022. The Corporate Debtor argued that the application was barred by limitation, as it was filed beyond the three-year period from the date of NPA. The Financial Creditor relied on
…Cash credit (CC)…
Ad hoc facility to the…