HDFC Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tamra Dhatu Udyog Private Limited due to default on credit facilities.
HDFC Bank Ltd. sanctioned credit facilities to Tamra Dhatu Udyog Private Limited in November 2014.
The credit facilities included Sale Invoice Financing, LC Discounting, and FX PSR facilities.
The Corporate Debtor approached the applicant bank for revision in terms of the credit facilities in 2015.
The Corporate Debtor issued a letter dated 9 November 2015 to the applicant bank setting up an Invoice Finance Limit of Rs. 10 crores.
The Corporate Debtor failed to service the loan and repay its dues, leading to the account being classified as a Non-Performing Asset (NPA) on 5 November 2019.
The Corporate Debtor issued a cheque that was returned unpaid due to 'Insufficiency of Funds'.
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HDFC Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tamra Dhatu Udyog Private Limited due to default on credit facilities.
HDFC Bank Ltd. sanctioned credit facilities to Tamra Dhatu Udyog Private Limited in November 2014.
The credit facilities included Sale Invoice Financing, LC Discounting, and FX PSR facilities.
The Corporate Debtor approached the applicant bank for revision in terms of the credit facilities in 2015.
The Corporate Debtor issued a letter dated 9 November 2015 to the applicant bank setting up an Invoice Finance Limit of Rs. 10 crores.
The Corporate Debtor failed to service the loan and repay its dues, leading to the account being classified as a Non-Performing Asset (NPA) on 5 November 2019.
The Corporate Debtor issued a cheque that was returned unpaid due to 'Insufficiency of Funds'.
…Financial creditor…
Accounts of the…