Bank of Baroda, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nextgen Textile Park Pvt. Ltd., the Corporate Debtor. The application alleges a default of Rs. 36,87,73,542/- as of August 25, 2025, stemming from various loan facilities sanctioned between 2018 and 2020. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on July 29, 2022, and despite notices under the SARFAESI Act and an One-Time Settlement (OTS) proposal from the Corporate Debtor (which was rejected), the default continued.
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against M/s. Nextgen Textile Park Pvt. Ltd.
The alleged default amount is Rs. 36,87,73,542/- as on 25.08.2025.
The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 29.07.2022.
The Financial Creditor issued notices under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor on 03.08.2022, recalling the entire outstanding amount of Rs 25,86,08,099.67/- as on 02.08.2022.
The Corporate Debtor failed to pay the demanded amount by 03.10.2022, which is the date of default.
The default continues till date.
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Loan facilities sanctioned for Rs. 1000 Lakhs…
Credit facilities…
Bank of Baroda, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Nextgen Textile Park Pvt. Ltd., the Corporate Debtor. The application alleges a default of Rs. 36,87,73,542/- as of August 25, 2025, stemming from various loan facilities sanctioned between 2018 and 2020. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on July 29, 2022, and despite notices under the SARFAESI Act and an One-Time Settlement (OTS) proposal from the Corporate Debtor (which was rejected), the default continued.
Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against M/s. Nextgen Textile Park Pvt. Ltd.
The alleged default amount is Rs. 36,87,73,542/- as on 25.08.2025.
The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 29.07.2022.
The Financial Creditor issued notices under Section 13(2) of the SARFAESI Act, 2002, to the Corporate Debtor on 03.08.2022, recalling the entire outstanding amount of Rs 25,86,08,099.67/- as on 02.08.2022.
The Corporate Debtor failed to pay the demanded amount by 03.10.2022, which is the date of default.
The default continues till date.
…Loan facilities sanctioned for Rs. 1000 Lakhs…
Credit facilities…