Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s P.C Dey & Son Distribution Private Limited, citing default on loan repayment.
Indian Bank sanctioned credit facilities to M/s P.C Dey & Son Distribution Private Limited aggregating to Rs. 21,00,00,000, which were later enhanced to Rs. 21,85,24,000.
The Corporate Debtor defaulted in repaying the loan, leading to the issuance of demand notices by Indian Bank under Section 13(2) of the SARFAESI Act, 2002.
Indian Bank also initiated recovery proceedings under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, which are pending before Debts Recovery Tribunal-1 Kolkata.
The defaulted amount claimed by Indian Bank is Rs. 30,43,11,409, including accrued interest up to 31.01.2023, with the initial date of default being 01.10.2019.
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Financial Creditor issued sanction letter dated…
Financial Creditor issued notice Annexure-C/8…
Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s P.C Dey & Son Distribution Private Limited, citing default on loan repayment.
Indian Bank sanctioned credit facilities to M/s P.C Dey & Son Distribution Private Limited aggregating to Rs. 21,00,00,000, which were later enhanced to Rs. 21,85,24,000.
The Corporate Debtor defaulted in repaying the loan, leading to the issuance of demand notices by Indian Bank under Section 13(2) of the SARFAESI Act, 2002.
Indian Bank also initiated recovery proceedings under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, which are pending before Debts Recovery Tribunal-1 Kolkata.
The defaulted amount claimed by Indian Bank is Rs. 30,43,11,409, including accrued interest up to 31.01.2023, with the initial date of default being 01.10.2019.
…Financial Creditor issued sanction letter dated…
Financial Creditor issued notice Annexure-C/8…