Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Swastik Copper Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted in repayment of the loan amount. The Corporate Debtor contested the application, raising issues of limitation, the validity of the NPA declaration, and the pendency of proceedings before the Debt Recovery Tribunal (DRT) and the High Court. The Corporate Debtor argued that the bank had illegally classified the loan account as NPA and had initiated proceedings under the SARFAESI Act. The Corporate Debtor also raised a counterclaim against the bank before the DRT. The Financial Creditor
…Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Swastik Copper Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP due to default in repayment of loan amount. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor from 2000 to 2016. The details of the loan facilities extended in 2016 include Cash Credit of Rs. 20.00 Crore, Bank Guarantee of Rs. 36.00 Crore, Inland LC/Import LC (90days) of Rs. 4.00 Crores, UBD-LC (90days) of Rs. 36.00 Crore, and UBD-LC/Import LC (90days) of Rs. 2.50 Crore. The amount claimed to be in default is Rs. 61,81,87,226.6 as on 31.10.2022 plus future interest, charges and expenses. The Corporate Debtor's account was
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Financial Creditor sanctioned various credit…
Loan facilities extended…
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Swastik Copper Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted in repayment of the loan amount. The Corporate Debtor contested the application, raising issues of limitation, the validity of the NPA declaration, and the pendency of proceedings before the Debt Recovery Tribunal (DRT) and the High Court. The Corporate Debtor argued that the bank had illegally classified the loan account as NPA and had initiated proceedings under the SARFAESI Act. The Corporate Debtor also raised a counterclaim against the bank before the DRT. The Financial Creditor
…Union Bank of India (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Swastik Copper Pvt. Ltd. (Corporate Debtor) seeking initiation of CIRP due to default in repayment of loan amount. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor from 2000 to 2016. The details of the loan facilities extended in 2016 include Cash Credit of Rs. 20.00 Crore, Bank Guarantee of Rs. 36.00 Crore, Inland LC/Import LC (90days) of Rs. 4.00 Crores, UBD-LC (90days) of Rs. 36.00 Crore, and UBD-LC/Import LC (90days) of Rs. 2.50 Crore. The amount claimed to be in default is Rs. 61,81,87,226.6 as on 31.10.2022 plus future interest, charges and expenses. The Corporate Debtor's account was
…Financial Creditor sanctioned various credit…
Loan facilities extended…