The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Omkara Assets Reconstruction Private Limited (Financial Creditor) against V.G.I. Pharma Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loans. The original lender, Akola Urban Co-op Bank Ltd., had sanctioned various term loan facilities and a funded interest term loan to the Corporate Debtor. Subsequently, the original lender assigned all debts due and payable by the Corporate Debtor to Omkara Assets Reconstruction Private Limited vide an Assignment Agreement dated 28.09.2021.
Akola Urban Co-op Bank Ltd. (Original Lender) sanctioned Term Loan facility – I for Rs.3 Crore, Term Loan facility - II for Rs.5.50 Crore, and Hypothecation Limit for Rs.1.75 Crore to V.G.I. Pharma Private Limited (Corporate Debtor). The Original Lender sanctioned another Funded Interest Term Loan for Rs.2,82,39,325/- vide Sanction Letter dated 28.03.2014. The total amount of default by the Corporate Debtor is Rs.38,20,28,712.47/-. The date of default is 30.04.2014, when the Corporate Debtor first defaulted in repayment and the account was classified as NPA. The Original Lender issued demand notices dated 16.10.2014 and 02.05.2017, but received no response. The Corporate Debtor addressed OTS Proposals dated 03.07.2019 and 01.06.2021 acknowledging liabilities. The
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Original Lender sanctioned Funded Interest…
The date of default as mentioned in Part-IV of…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Omkara Assets Reconstruction Private Limited (Financial Creditor) against V.G.I. Pharma Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loans. The original lender, Akola Urban Co-op Bank Ltd., had sanctioned various term loan facilities and a funded interest term loan to the Corporate Debtor. Subsequently, the original lender assigned all debts due and payable by the Corporate Debtor to Omkara Assets Reconstruction Private Limited vide an Assignment Agreement dated 28.09.2021.
Akola Urban Co-op Bank Ltd. (Original Lender) sanctioned Term Loan facility – I for Rs.3 Crore, Term Loan facility - II for Rs.5.50 Crore, and Hypothecation Limit for Rs.1.75 Crore to V.G.I. Pharma Private Limited (Corporate Debtor). The Original Lender sanctioned another Funded Interest Term Loan for Rs.2,82,39,325/- vide Sanction Letter dated 28.03.2014. The total amount of default by the Corporate Debtor is Rs.38,20,28,712.47/-. The date of default is 30.04.2014, when the Corporate Debtor first defaulted in repayment and the account was classified as NPA. The Original Lender issued demand notices dated 16.10.2014 and 02.05.2017, but received no response. The Corporate Debtor addressed OTS Proposals dated 03.07.2019 and 01.06.2021 acknowledging liabilities. The
…Original Lender sanctioned Funded Interest…
The date of default as mentioned in Part-IV of…