Kotak Mahindra Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against T & R Auto Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan facilities.
T & R Auto Private Limited availed a loan facility of Rs. 4,67,00,000/- from Kotak Mahindra Bank Limited, disbursed on 02.08.2017.
The Corporate Debtor executed a Master Facility Agreement, Guarantee Deed, Memorandum of Entry, and Deed of Settlement, all dated 25.07.2017.
Kotak Mahindra Bank Limited sanctioned an additional sum of Rs. 44,05,548/- as working capital assistance under the Emergency Credit Line Guarantee Scheme (ECLGS).
Bajaj Auto Limited invoked a Bank Guarantee on 23.07.2020, which was earlier issued by the Financial Creditor.
The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 29.10.2020.
Kotak Mahindra Bank Limited issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08.12.2021.
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Kotak Mahindra Bank Limited issued a…
The loan facility of…
Kotak Mahindra Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against T & R Auto Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of loan facilities.
T & R Auto Private Limited availed a loan facility of Rs. 4,67,00,000/- from Kotak Mahindra Bank Limited, disbursed on 02.08.2017.
The Corporate Debtor executed a Master Facility Agreement, Guarantee Deed, Memorandum of Entry, and Deed of Settlement, all dated 25.07.2017.
Kotak Mahindra Bank Limited sanctioned an additional sum of Rs. 44,05,548/- as working capital assistance under the Emergency Credit Line Guarantee Scheme (ECLGS).
Bajaj Auto Limited invoked a Bank Guarantee on 23.07.2020, which was earlier issued by the Financial Creditor.
The account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 29.10.2020.
Kotak Mahindra Bank Limited issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 08.12.2021.
…Kotak Mahindra Bank Limited issued a…
The loan facility of…