Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited, the Corporate Debtor (CD), due to a default in repayment of a loan.
The application was filed on 28.07.2022 under Section 7 of the IBC.
The total amount of default alleged is Rs.4,34,94,573/- as on 31.12.2021.
The date of default as mentioned in Part-IV of the Application is 29.07.2019.
The loan amount of Rs. 3,40,00,000/- was granted to the CD by the Original Lender.
The loan account of the CD was assigned by the Original Lender, Jalgaon Peoples Co-Operative Bank Limited, to the FC on 25.06.2020.
The CD acknowledged its debt owed to the FC through various OTS letters within the limitation period.
The CD made a part-payment of Rs4,99,950/- on 31.03.2021.
The FC proposed the name of Mr. Indrajit Mukherjee as the Interim Resolution Professional (IRP).
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The date on which the…
The date on which the…
Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited, the Corporate Debtor (CD), due to a default in repayment of a loan.
The application was filed on 28.07.2022 under Section 7 of the IBC.
The total amount of default alleged is Rs.4,34,94,573/- as on 31.12.2021.
The date of default as mentioned in Part-IV of the Application is 29.07.2019.
The loan amount of Rs. 3,40,00,000/- was granted to the CD by the Original Lender.
The loan account of the CD was assigned by the Original Lender, Jalgaon Peoples Co-Operative Bank Limited, to the FC on 25.06.2020.
The CD acknowledged its debt owed to the FC through various OTS letters within the limitation period.
The CD made a part-payment of Rs4,99,950/- on 31.03.2021.
The FC proposed the name of Mr. Indrajit Mukherjee as the Interim Resolution Professional (IRP).
The date on which the…
The date on which the…