Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Yashwant Dugdh Prakriya Limited, citing a default of Rs. 11,22,18,723/- as of 31.03.2022.
Axis Bank Limited, the Financial Creditor, filed C.P. (IB) No.707/MB/2022 on 07.06.2022 under Section 7 of the IBC against Yashwant Dugdh Prakriya Limited.
The amount claimed to be in default as on 31.03.2022 is Rs. 11,22,18,723/-.
The Corporate Debtor's loan account was classified as NPA on 01.05.2020, with the date of default later amended to 01.02.2020.
Axis Bank had sanctioned credit facilities to Yashwant Dugdh Prakriya Limited, including cash credit and term loan facilities.
The Corporate Debtor argued that the default date fell within the COVID-19 moratorium period and that the application was barred by Section 10A of the IBC.
The Applicant proposed Mr. Krishna Chamadia as the Interim Resolution Professional (IRP).
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Axis Bank Limited filed…
The NCLT pronounced the order admitting the…
Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Yashwant Dugdh Prakriya Limited, citing a default of Rs. 11,22,18,723/- as of 31.03.2022.
Axis Bank Limited, the Financial Creditor, filed C.P. (IB) No.707/MB/2022 on 07.06.2022 under Section 7 of the IBC against Yashwant Dugdh Prakriya Limited.
The amount claimed to be in default as on 31.03.2022 is Rs. 11,22,18,723/-.
The Corporate Debtor's loan account was classified as NPA on 01.05.2020, with the date of default later amended to 01.02.2020.
Axis Bank had sanctioned credit facilities to Yashwant Dugdh Prakriya Limited, including cash credit and term loan facilities.
The Corporate Debtor argued that the default date fell within the COVID-19 moratorium period and that the application was barred by Section 10A of the IBC.
The Applicant proposed Mr. Krishna Chamadia as the Interim Resolution Professional (IRP).
Axis Bank Limited filed…
The NCLT pronounced the order admitting the…