Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vadera Tradelink Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. The loan was originally sanctioned by Andhra Bank on 31.07.2019, which later amalgamated with Union Bank of India. The corporate debtor defaulted on 30.11.2019. The financial creditor filed an Original Application before the Debt Recovery Tribunal (DRT), Jaipur, which is pending adjudication. The corporate debtor raised objections, stating that the application filed by the financial creditor was not complying with the provisions of the Companies Act and subsequent rules. The corporate debtor also submitted that it is
…Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vadera Tradelink Pvt. Ltd., the Corporate Debtor, seeking initiation of CIRP due to default in repayment of a loan. The loan was originally sanctioned by Andhra Bank on 31.07.2019, and later amalgamated with Union Bank of India. The credit limit was Rs. 12 Crores with an interest rate of 12.50% p.a. The Corporate Debtor defaulted on 30.11.2019. The outstanding amount as of 30.09.2022 was Rs. 16,40,80,949.54/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 11.05.2021. The Corporate Debtor is registered under the SME segment and is engaged in setting up projects for construction of flats under
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Loan was sanct…
Andhra Bank ama…
Union Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vadera Tradelink Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan. The loan was originally sanctioned by Andhra Bank on 31.07.2019, which later amalgamated with Union Bank of India. The corporate debtor defaulted on 30.11.2019. The financial creditor filed an Original Application before the Debt Recovery Tribunal (DRT), Jaipur, which is pending adjudication. The corporate debtor raised objections, stating that the application filed by the financial creditor was not complying with the provisions of the Companies Act and subsequent rules. The corporate debtor also submitted that it is
…Union Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vadera Tradelink Pvt. Ltd., the Corporate Debtor, seeking initiation of CIRP due to default in repayment of a loan. The loan was originally sanctioned by Andhra Bank on 31.07.2019, and later amalgamated with Union Bank of India. The credit limit was Rs. 12 Crores with an interest rate of 12.50% p.a. The Corporate Debtor defaulted on 30.11.2019. The outstanding amount as of 30.09.2022 was Rs. 16,40,80,949.54/-. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 11.05.2021. The Corporate Debtor is registered under the SME segment and is engaged in setting up projects for construction of flats under
…Loan was sanct…
Andhra Bank ama…