Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VAS Infrastructure Limited due to a default of INR 301,06,84,507.23. The Corporate Debtor's loan accounts were classified as Non-Performing Assets (NPA) on 29.08.2015. The Financial Creditor claimed the date of default as 31.08.2022. The Corporate Debtor objected to the maintainability of the petition, arguing that the debt was identified as an 'Operational Debt' and that the petition was barred by limitation.
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VAS Infrastructure Limited. The application was triggered by a default of INR 301,06,84,507.23. The erstwhile Financial Creditor, Syndicate Bank, had sanctioned a non-fund based working capital loan of Rs. 55 crores to the Corporate Debtor on 26.06.2012. This facility was later enhanced to Rs. 60 crores on 11.03.2013. Term loans of Rs. 75 crores and Rs. 40 crores were sanctioned on 01.03.2013 and 15.07.2013, respectively. The loan accounts were classified as Non-Performing Assets (NPA) on 29.08.2015. The Corporate Debtor issued a Revival Letter on 28.05.2018, acknowledging its debt. A Demand Notice was issued
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Syndicate Bank sanctioned a non-fund based…
Term Loan of Rs. 75…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against VAS Infrastructure Limited due to a default of INR 301,06,84,507.23. The Corporate Debtor's loan accounts were classified as Non-Performing Assets (NPA) on 29.08.2015. The Financial Creditor claimed the date of default as 31.08.2022. The Corporate Debtor objected to the maintainability of the petition, arguing that the debt was identified as an 'Operational Debt' and that the petition was barred by limitation.
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VAS Infrastructure Limited. The application was triggered by a default of INR 301,06,84,507.23. The erstwhile Financial Creditor, Syndicate Bank, had sanctioned a non-fund based working capital loan of Rs. 55 crores to the Corporate Debtor on 26.06.2012. This facility was later enhanced to Rs. 60 crores on 11.03.2013. Term loans of Rs. 75 crores and Rs. 40 crores were sanctioned on 01.03.2013 and 15.07.2013, respectively. The loan accounts were classified as Non-Performing Assets (NPA) on 29.08.2015. The Corporate Debtor issued a Revival Letter on 28.05.2018, acknowledging its debt. A Demand Notice was issued
…Syndicate Bank sanctioned a non-fund based…
Term Loan of Rs. 75…