Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Green Valley Plywood Limited for a default of Rs. 490,02,11,057.72 as of 20.03.2024.
Indian Overseas Bank filed a petition under Section 7 of the IBC against Green Valley Plywood Limited.
The alleged default amount was Rs. 490,02,11,057.72 as of 20.03.2024.
The Corporate Debtor's account was classified as NPA on 31 October 2011.
The DRT passed a decree on 9 October 2017, and a recovery certificate was issued on the same day.
The Corporate Debtor acknowledged its debt in its annual financial statements for the financial years 2017-18, 2018-19, 2019-20 and 2020-21.
The Financial Creditor relied on a Recovery Certificate dated 09.10.2017 as a fresh cause of action.
The Corporate Debtor disputed the validity and authentication of the Record of Default filed with NeSL.
The Adjudicating Authority admitted the petition and initiated CIRP.
Sign in to view the parties.
Date of the…
Account of Corporate…
Indian Overseas Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Green Valley Plywood Limited for a default of Rs. 490,02,11,057.72 as of 20.03.2024.
Indian Overseas Bank filed a petition under Section 7 of the IBC against Green Valley Plywood Limited.
The alleged default amount was Rs. 490,02,11,057.72 as of 20.03.2024.
The Corporate Debtor's account was classified as NPA on 31 October 2011.
The DRT passed a decree on 9 October 2017, and a recovery certificate was issued on the same day.
The Corporate Debtor acknowledged its debt in its annual financial statements for the financial years 2017-18, 2018-19, 2019-20 and 2020-21.
The Financial Creditor relied on a Recovery Certificate dated 09.10.2017 as a fresh cause of action.
The Corporate Debtor disputed the validity and authentication of the Record of Default filed with NeSL.
The Adjudicating Authority admitted the petition and initiated CIRP.
Date of the…
Account of Corporate…