Union Bank of India, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bengal Shelter Housing Development Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor acted as a corporate guarantor for a loan obtained by M/s. Barnaparichay Book Mall Private Limited.
Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bengal Shelter Housing Development Limited.
Bengal Shelter Housing Development Limited acted as a corporate guarantor for a loan obtained by M/s. Barnaparichay Book Mall Private Limited.
The total amount claimed to be in default was Rs. 103,52,61,481.58/- as on 09.08.2019.
The loan account of the principal borrower was declared NPA on 31.12.2010.
The Corporate Debtor issued a Revival letter on 30.03.2012, acknowledging its liabilities.
The Consortium of Banks invoked the guarantee on 12.07.2013.
The Corporate Debtor acknowledged their liability in the audited balance sheets for the financial years of 2013-2014, 2014-2015, and 2015-2016.
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Bengal Shelter Housing Development Limited…
The corporate debtor resolved to promote a…
Union Bank of India, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bengal Shelter Housing Development Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor acted as a corporate guarantor for a loan obtained by M/s. Barnaparichay Book Mall Private Limited.
Union Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bengal Shelter Housing Development Limited.
Bengal Shelter Housing Development Limited acted as a corporate guarantor for a loan obtained by M/s. Barnaparichay Book Mall Private Limited.
The total amount claimed to be in default was Rs. 103,52,61,481.58/- as on 09.08.2019.
The loan account of the principal borrower was declared NPA on 31.12.2010.
The Corporate Debtor issued a Revival letter on 30.03.2012, acknowledging its liabilities.
The Consortium of Banks invoked the guarantee on 12.07.2013.
The Corporate Debtor acknowledged their liability in the audited balance sheets for the financial years of 2013-2014, 2014-2015, and 2015-2016.
…Bengal Shelter Housing Development Limited…
The corporate debtor resolved to promote a…