Canara Bank filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Timblo Drydocks Pvt. Ltd. The petition was initially filed on 2020-11-10. An OTS proposal was entered into between the parties, leading to the petition's dismissal as withdrawn on 2023-07-14. Subsequently, due to a breach of consent terms, the Financial Creditor sought restoration of the petition, which was allowed on 2024-01-04.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Timblo Drydocks Pvt. Ltd., the Corporate Debtor. The initial petition was filed on 2020-11-10, claiming a total default of INR 123,92,54,212.20/-, with the date of default specified as 2019-10-31. An OTS proposal was entered into between the parties on 2023-06-27, leading to the petition's dismissal on 2023-07-14. However, due to a breach of consent terms, the Financial Creditor sought restoration, which was granted on 2024-01-04. The Financial Creditor had provided Cash Credit Facilities aggregating to INR 140 Crores under various sanction letters. Various collateral securities were executed to secure the repayment of these
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The Company Petition…
The date of de…
Canara Bank filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Timblo Drydocks Pvt. Ltd. The petition was initially filed on 2020-11-10. An OTS proposal was entered into between the parties, leading to the petition's dismissal as withdrawn on 2023-07-14. Subsequently, due to a breach of consent terms, the Financial Creditor sought restoration of the petition, which was allowed on 2024-01-04.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Timblo Drydocks Pvt. Ltd., the Corporate Debtor. The initial petition was filed on 2020-11-10, claiming a total default of INR 123,92,54,212.20/-, with the date of default specified as 2019-10-31. An OTS proposal was entered into between the parties on 2023-06-27, leading to the petition's dismissal on 2023-07-14. However, due to a breach of consent terms, the Financial Creditor sought restoration, which was granted on 2024-01-04. The Financial Creditor had provided Cash Credit Facilities aggregating to INR 140 Crores under various sanction letters. Various collateral securities were executed to secure the repayment of these
…The Company Petition…
The date of de…