UCO Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Ltd., seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed credit facilities from the Financial Creditor, which later became a Non-Performing Asset (NPA).
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Ltd., the Corporate Debtor.
The Corporate Debtor availed credit facilities from the Financial Creditor with a limit of Rs. 750 Lakhs.
The credit facility was sanctioned on 20.11.2014 and accepted by the Corporate Debtor.
The Corporate Debtor defaulted in payment, and the account was classified as a Non-Performing Asset (NPA) on 31.10.2016.
The outstanding amount due to the Financial Creditor was Rs. 11,35,20,260.07.
The petition was initially dismissed due to limitation but was later recalled.
The Corporate Debtor proposed a One Time Settlement of Rs. 2 Crores in 2021.
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UCO Bank filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Ltd., seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed credit facilities from the Financial Creditor, which later became a Non-Performing Asset (NPA).
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Limtex Tea & Industries Ltd., the Corporate Debtor.
The Corporate Debtor availed credit facilities from the Financial Creditor with a limit of Rs. 750 Lakhs.
The credit facility was sanctioned on 20.11.2014 and accepted by the Corporate Debtor.
The Corporate Debtor defaulted in payment, and the account was classified as a Non-Performing Asset (NPA) on 31.10.2016.
The outstanding amount due to the Financial Creditor was Rs. 11,35,20,260.07.
The petition was initially dismissed due to limitation but was later recalled.
The Corporate Debtor proposed a One Time Settlement of Rs. 2 Crores in 2021.
…Credit facili…
The Corporate Debtor's…