Central Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Paramount Minerals and Chemicals Limited, the Corporate Debtor.
The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.
The Financial Creditor is Central Bank of India.
The Corporate Debtor is Paramount Minerals and Chemicals Limited.
The total default amount is INR 16,94,03,619.36/-.
The Date of Default is 17.06.2023.
The Corporate Debtor acknowledged the liability towards the Financial Creditor in its balance-sheet as on 31.03.2021 and 31.03.2022.
The Corporate Debtor submitted a proposal for One Time Settlement (OTS) dated 13.09.2024 for INR 15,00,00,000/-, which was rejected by the Financial Creditor.
The Corporate Debtor submitted a revised OTS letter dated 29.11.2024 for Rs. 16,00,00,000/-.
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The Date of Default, as…
The captioned…
Central Bank of India filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Paramount Minerals and Chemicals Limited, the Corporate Debtor.
The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.
The Financial Creditor is Central Bank of India.
The Corporate Debtor is Paramount Minerals and Chemicals Limited.
The total default amount is INR 16,94,03,619.36/-.
The Date of Default is 17.06.2023.
The Corporate Debtor acknowledged the liability towards the Financial Creditor in its balance-sheet as on 31.03.2021 and 31.03.2022.
The Corporate Debtor submitted a proposal for One Time Settlement (OTS) dated 13.09.2024 for INR 15,00,00,000/-, which was rejected by the Financial Creditor.
The Corporate Debtor submitted a revised OTS letter dated 29.11.2024 for Rs. 16,00,00,000/-.
…The Date of Default, as…
The captioned…