Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vishal Structurals Private Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default on various credit facilities. The Financial Creditor sought the appointment of an Interim Resolution Professional (IRP) and the initiation of a moratorium.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vishal Structurals Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on various credit facilities sanctioned by the Financial Creditor. The first date of default was 30.05.2022, and the last date of default was 17.11.2022. The account of the Corporate Debtor was declared as NPA on 28.07.2022. The total amount in default was Rs. 62,48,23,747.86 as of 26.09.2024, with Rs. 51,98,73,225.73 towards principal outstanding and the remaining amount towards interest. The Financial Creditor held various securities, including hypothecation of stock and book
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Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vishal Structurals Private Limited, the Corporate Debtor. The application was filed due to the Corporate Debtor's default on various credit facilities. The Financial Creditor sought the appointment of an Interim Resolution Professional (IRP) and the initiation of a moratorium.
Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Vishal Structurals Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor defaulted on various credit facilities sanctioned by the Financial Creditor. The first date of default was 30.05.2022, and the last date of default was 17.11.2022. The account of the Corporate Debtor was declared as NPA on 28.07.2022. The total amount in default was Rs. 62,48,23,747.86 as of 26.09.2024, with Rs. 51,98,73,225.73 towards principal outstanding and the remaining amount towards interest. The Financial Creditor held various securities, including hypothecation of stock and book
…The first date of…
The account of the…