YES BANK LIMITED, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ideal Unique Realtor Private Limited, the Corporate Debtor, due to a default in repayment of financial debt. The Corporate Debtor had availed various loan facilities from the Financial Creditor, which subsequently became Non-Performing Assets (NPAs). The Corporate Debtor raised preliminary objections, arguing that the application was not maintainable, there was no creditor-debtor relationship, and the Financial Creditor had committed fundamental breaches of contract and pursued parallel recovery proceedings under SARFAESI Act and RDDBFI Act.
YES BANK LIMITED (Financial Creditor) filed a Section 7 IBC application against M/s Ideal Unique Realtor Private Limited (Corporate Debtor).
The Corporate Debtor was incorporated on 14.10.2006 and has its registered office in Kolkata.
The Corporate Debtor availed various loan facilities from Yes Bank, including Term Loans, Overdraft, Bank Guarantees, and Treasury Limits.
A Board Resolution dated 09.08.2018 was passed by the Corporate Debtor to avail facilities.
Facility letters and agreements were executed between 2018 and 2022, modifying terms and conditions.
The Corporate Debtor defaulted on interest and principal payments, leading to the account being declared a Non-Performing Asset (NPA) on 18.06.2023.
Yes Bank issued a Loan Recall Notice on 08.08.2023.
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Corporate Debtor passed a Board Resolution…
Master Facility…
YES BANK LIMITED, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Ideal Unique Realtor Private Limited, the Corporate Debtor, due to a default in repayment of financial debt. The Corporate Debtor had availed various loan facilities from the Financial Creditor, which subsequently became Non-Performing Assets (NPAs). The Corporate Debtor raised preliminary objections, arguing that the application was not maintainable, there was no creditor-debtor relationship, and the Financial Creditor had committed fundamental breaches of contract and pursued parallel recovery proceedings under SARFAESI Act and RDDBFI Act.
YES BANK LIMITED (Financial Creditor) filed a Section 7 IBC application against M/s Ideal Unique Realtor Private Limited (Corporate Debtor).
The Corporate Debtor was incorporated on 14.10.2006 and has its registered office in Kolkata.
The Corporate Debtor availed various loan facilities from Yes Bank, including Term Loans, Overdraft, Bank Guarantees, and Treasury Limits.
A Board Resolution dated 09.08.2018 was passed by the Corporate Debtor to avail facilities.
Facility letters and agreements were executed between 2018 and 2022, modifying terms and conditions.
The Corporate Debtor defaulted on interest and principal payments, leading to the account being declared a Non-Performing Asset (NPA) on 18.06.2023.
Yes Bank issued a Loan Recall Notice on 08.08.2023.
…Corporate Debtor passed a Board Resolution…
Master Facility…