Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited, the Corporate Debtor (CD). The FC claimed a default of Rs.4,34,94,573/- as of 31.12.2021, including principal and interest, based on a loan availed by the CD from Jalgaon Peoples Co-Operative Bank Limited (Original Lender). The CD's account was classified as NPA on 29.07.2019.
Encore Asset Reconstruction Company Private Limited (FC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited (CD). The CD had availed a loan of Rs.3,40,00,000/- from Jalgaon Peoples Co-Operative Bank Limited (Original Lender), comprising Rs.1,90,00,000/- as Term Loan and Rs.1,50,00,000/- as Cash Credit Facility. The loan application was dated 27.10.2016. The CD executed various documents to secure the credit facilities, including agreements for hypothecation of goods, letters of undertaking, revival letters, guarantee agreements, and a term loan agreement. The CD's loan account was declared as NPA on 29.07.2019. The
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The Corporate Debtor sought credit facilities…
The Corporate Debtor's loan account was…
Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited, the Corporate Debtor (CD). The FC claimed a default of Rs.4,34,94,573/- as of 31.12.2021, including principal and interest, based on a loan availed by the CD from Jalgaon Peoples Co-Operative Bank Limited (Original Lender). The CD's account was classified as NPA on 29.07.2019.
Encore Asset Reconstruction Company Private Limited (FC) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited (CD). The CD had availed a loan of Rs.3,40,00,000/- from Jalgaon Peoples Co-Operative Bank Limited (Original Lender), comprising Rs.1,90,00,000/- as Term Loan and Rs.1,50,00,000/- as Cash Credit Facility. The loan application was dated 27.10.2016. The CD executed various documents to secure the credit facilities, including agreements for hypothecation of goods, letters of undertaking, revival letters, guarantee agreements, and a term loan agreement. The CD's loan account was declared as NPA on 29.07.2019. The
…The Corporate Debtor sought credit facilities…
The Corporate Debtor's loan account was…