Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajdeep Buildcon Private Limited for a default of Rs. 8,74,08,242.85 as of 17.03.2023, along with outstanding bank guarantees of Rs. 17,85,70,393.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC against Rajdeep Buildcon Private Limited, the Corporate Debtor.
The alleged default amount was Rs. 8,74,08,242.85 as of 17.03.2023, in addition to outstanding bank guarantees of Rs. 17,85,70,393.
The Corporate Debtor is engaged in the construction of roads, bridges, flyovers, railway overbridges, highways, and various types of industrial and factory buildings.
The Applicant had sanctioned Overdraft Cash Credit (OCC) and Bank Guarantee (BG) facilities to the Corporate Debtor.
The Corporate Debtor's account was classified as NPA on 17.05.2022.
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Canara Bank fi…
The alleged default…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajdeep Buildcon Private Limited for a default of Rs. 8,74,08,242.85 as of 17.03.2023, along with outstanding bank guarantees of Rs. 17,85,70,393.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC against Rajdeep Buildcon Private Limited, the Corporate Debtor.
The alleged default amount was Rs. 8,74,08,242.85 as of 17.03.2023, in addition to outstanding bank guarantees of Rs. 17,85,70,393.
The Corporate Debtor is engaged in the construction of roads, bridges, flyovers, railway overbridges, highways, and various types of industrial and factory buildings.
The Applicant had sanctioned Overdraft Cash Credit (OCC) and Bank Guarantee (BG) facilities to the Corporate Debtor.
The Corporate Debtor's account was classified as NPA on 17.05.2022.
…Canara Bank fi…
The alleged default…