This case involves an application filed by YES Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Uniply Decor Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 34,36,48,107.63 as of 17.05.2021. The Corporate Debtor's account was classified as NPA on 29.01.2020. A One Time Settlement (OTS) was offered by the Personal Guarantor, but it was later revoked due to defaults in the terms of the OTS. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act.
YES Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Uniply Decor Limited, the Corporate Debtor. The Financial Creditor claimed a sum of Rs. 34,36,48,107.63/- as on 17.05.2021, and the Corporate Debtor's account was classified as NPA on 29.01.2020. The Financial Creditor issued a notice for recall of credit facilities dated 11.06.2020, a notice for invocation of personal guarantee dated 11.06.2020, and a demand notice dated 11.06.2020. An affidavit dated 11.09.2020 was filed in C.S. No.77 of 2020 before the Hon'ble HC of Madras, and an order dated 16.12.2020 was passed by the Hon'ble HC of Madras in OA.No 689 of 2020 in CS No 77 of
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This case involves an application filed by YES Bank Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Uniply Decor Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 34,36,48,107.63 as of 17.05.2021. The Corporate Debtor's account was classified as NPA on 29.01.2020. A One Time Settlement (OTS) was offered by the Personal Guarantor, but it was later revoked due to defaults in the terms of the OTS. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act.
YES Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Uniply Decor Limited, the Corporate Debtor. The Financial Creditor claimed a sum of Rs. 34,36,48,107.63/- as on 17.05.2021, and the Corporate Debtor's account was classified as NPA on 29.01.2020. The Financial Creditor issued a notice for recall of credit facilities dated 11.06.2020, a notice for invocation of personal guarantee dated 11.06.2020, and a demand notice dated 11.06.2020. An affidavit dated 11.09.2020 was filed in C.S. No.77 of 2020 before the Hon'ble HC of Madras, and an order dated 16.12.2020 was passed by the Hon'ble HC of Madras in OA.No 689 of 2020 in CS No 77 of
…The account of the…
Financial Creditor issued a Demand notice to…