The case involves a petition filed by Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against TDT Copper Limited, the Corporate Debtor, due to a default in payment.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against TDT Copper Limited, the Corporate Debtor.
The Corporate Debtor was incorporated on 17.11.1993.
The Financial Creditor sanctioned a Working Capital Limit of Rs. 40 Crores to the Corporate Debtor on 07.06.2010.
The Corporate Debtor availed working capital limits from the Applicant from time to time and executed Working Capital Consortium Agreement with the Lenders including the Applicant.
The Corporate Debtor's limits were overdrawn on 25.01.2019, which is the date of default.
The account of the Corporate Debtor was classified as Non-Performing Asset on 30.04.2019.
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The Applicant sanctioned…
The Corporate…
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The case involves a petition filed by Bank of India, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against TDT Copper Limited, the Corporate Debtor, due to a default in payment.
Bank of India, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against TDT Copper Limited, the Corporate Debtor.
The Corporate Debtor was incorporated on 17.11.1993.
The Financial Creditor sanctioned a Working Capital Limit of Rs. 40 Crores to the Corporate Debtor on 07.06.2010.
The Corporate Debtor availed working capital limits from the Applicant from time to time and executed Working Capital Consortium Agreement with the Lenders including the Applicant.
The Corporate Debtor's limits were overdrawn on 25.01.2019, which is the date of default.
The account of the Corporate Debtor was classified as Non-Performing Asset on 30.04.2019.
…The Applicant sanctioned…
The Corporate…
Sign in to view related legal provisions.