UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oyster Sales Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against Oyster Sales Private Limited, the Corporate Debtor.
The Corporate Debtor defaulted on a financial debt amounting to Rs. 1,54,34,515.81/-.
The account of the Principal Borrower was declared NPA on 14.10.2022, and the date of default is 16.07.2022.
The Financial Creditor issued a demand notice dated 31.10.2022 under Section 13(2) of the SARFAESI Act, 2002.
The Adjudicating Authority proceeded ex parte against the Corporate Debtor due to their non-appearance.
The Corporate Debtor was granted credit facilities by the Financial Creditor amounting to Rs. 1,00,00,000/-.
The application was filed on 20.11.2024, which is within the limitation period.
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Sanction Lette…
Account of the…
UCO Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oyster Sales Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt.
UCO Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against Oyster Sales Private Limited, the Corporate Debtor.
The Corporate Debtor defaulted on a financial debt amounting to Rs. 1,54,34,515.81/-.
The account of the Principal Borrower was declared NPA on 14.10.2022, and the date of default is 16.07.2022.
The Financial Creditor issued a demand notice dated 31.10.2022 under Section 13(2) of the SARFAESI Act, 2002.
The Adjudicating Authority proceeded ex parte against the Corporate Debtor due to their non-appearance.
The Corporate Debtor was granted credit facilities by the Financial Creditor amounting to Rs. 1,00,00,000/-.
The application was filed on 20.11.2024, which is within the limitation period.
…Sanction Lette…
Account of the…