UCO Bank, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Akshara Highrise Private Limited, the Corporate Debtor and corporate guarantor for M/s Nandini Impex Pvt. Ltd. (principal borrower). Credit facilities were sanctioned to the principal borrower since 2001, restructured in 2012, and the Corporate Debtor executed a Letter of Guarantee on 28.09.2012. The principal borrower's account was classified as NPA on 30.09.2012. A SARFAESI notice was issued on 01.10.2020, and CIRP against the principal borrower was admitted on 20.09.2022. The Financial Creditor claims a debt of Rs. 4,52,08,22,525.31. The Corporate Debtor contested the petition on grounds of the correct date of default, limitation, and the
…UCO Bank (Financial Creditor) filed a Section 7 IBC application against Akshara Highrise Private Limited (Corporate Debtor).
Akshara Highrise Private Limited is the corporate guarantor for M/s Nandini Impex Pvt. Ltd., the principal borrower.
Credit facilities were sanctioned to the principal borrower since 2001 and were renewed/restructured on 28.06.2012 and 28.09.2012.
The Corporate Debtor executed a Letter of Guarantee dated 28.09.2012 in favour of the Financial Creditor.
The principal borrower's account was classified as NPA on 30.09.2012.
A notice under Section 13(2) of the SARFAESI Act dated 01.10.2020 was issued to the principal borrower and the Corporate Debtor.
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Credit facilities were sanctioned to the…
The credit facilities…
UCO Bank, as a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Akshara Highrise Private Limited, the Corporate Debtor and corporate guarantor for M/s Nandini Impex Pvt. Ltd. (principal borrower). Credit facilities were sanctioned to the principal borrower since 2001, restructured in 2012, and the Corporate Debtor executed a Letter of Guarantee on 28.09.2012. The principal borrower's account was classified as NPA on 30.09.2012. A SARFAESI notice was issued on 01.10.2020, and CIRP against the principal borrower was admitted on 20.09.2022. The Financial Creditor claims a debt of Rs. 4,52,08,22,525.31. The Corporate Debtor contested the petition on grounds of the correct date of default, limitation, and the
…UCO Bank (Financial Creditor) filed a Section 7 IBC application against Akshara Highrise Private Limited (Corporate Debtor).
Akshara Highrise Private Limited is the corporate guarantor for M/s Nandini Impex Pvt. Ltd., the principal borrower.
Credit facilities were sanctioned to the principal borrower since 2001 and were renewed/restructured on 28.06.2012 and 28.09.2012.
The Corporate Debtor executed a Letter of Guarantee dated 28.09.2012 in favour of the Financial Creditor.
The principal borrower's account was classified as NPA on 30.09.2012.
A notice under Section 13(2) of the SARFAESI Act dated 01.10.2020 was issued to the principal borrower and the Corporate Debtor.
…Credit facilities were sanctioned to the…
The credit facilities…