Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Yummz Foods Private Limited, alleging default on a loan. The bank claimed that Yummz Foods had defaulted on a total amount of ₹17,92,50,751 as of April 30, 2019, including unapplied interest. The account was classified as a Non-Performing Asset (NPA) on March 31, 2017. The corporate debtor contested the claim, arguing that the claims were inflated, ambiguous, and vague, and that the bank had failed to disclose the rate of interest applied to the loan accounts. The corporate debtor also argued that the bank had failed to provide copies of the loan documents and had acted against the norms of Fair
…Indian Overseas Bank (IOB) sanctioned credit facilities to Yummz Foods Private Limited totaling ₹3,40,00,000. The first credit facility was granted on February 4, 2013, and subsequently renewed and enhanced multiple times until February 6, 2016. As per the terms of the sanction letter, Yummz Foods executed loan and banking documents in favor of IOB and deposited original title deeds for mortgage creation to secure the loan repayment. A charge was created and registered with the Registrar of Companies, West Bengal. Yummz Foods admitted its dues to IOB in a revival letter dated August 10, 2015. Yummz Foods approached IOB with One-Time Settlement (OTS) proposals, which were later rejected by IOB. IOB initiated SARFAESI action by issuing a notice under section 13(2) of the
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Indian Overseas Bank…
The credit facilities were renewed and…
Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Yummz Foods Private Limited, alleging default on a loan. The bank claimed that Yummz Foods had defaulted on a total amount of ₹17,92,50,751 as of April 30, 2019, including unapplied interest. The account was classified as a Non-Performing Asset (NPA) on March 31, 2017. The corporate debtor contested the claim, arguing that the claims were inflated, ambiguous, and vague, and that the bank had failed to disclose the rate of interest applied to the loan accounts. The corporate debtor also argued that the bank had failed to provide copies of the loan documents and had acted against the norms of Fair
…Indian Overseas Bank (IOB) sanctioned credit facilities to Yummz Foods Private Limited totaling ₹3,40,00,000. The first credit facility was granted on February 4, 2013, and subsequently renewed and enhanced multiple times until February 6, 2016. As per the terms of the sanction letter, Yummz Foods executed loan and banking documents in favor of IOB and deposited original title deeds for mortgage creation to secure the loan repayment. A charge was created and registered with the Registrar of Companies, West Bengal. Yummz Foods admitted its dues to IOB in a revival letter dated August 10, 2015. Yummz Foods approached IOB with One-Time Settlement (OTS) proposals, which were later rejected by IOB. IOB initiated SARFAESI action by issuing a notice under section 13(2) of the
…Indian Overseas Bank…
The credit facilities were renewed and…