The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Central Bank of India, a Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. JS Designer Limited, the Corporate Debtor, due to a default in payment.
Central Bank of India filed an application under Section 7 of the IBC against M/S. JS Designer Limited.
The Corporate Debtor defaulted on a payment of Rs. 20,46,15,294.
The Corporate Debtor availed working capital credit facilities under a consortium arrangement.
The Corporate Debtor executed various financing and security documents, including a Working Capital Consortium Agreement and a Joint Deed of Hypothecation.
The Corporate Debtor defaulted on 30.12.2017, and the loan was declared as NPA on 30.03.2018.
The Respondent vide its OTS Proposal has unequivocally admitted its liability and has promised to discharge the said debt.
The petition was filed on 13.05.2024.
The Loan Account was declared as a NPA on 30.03.2018 by the Financial Creditor.
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The present application…
The Corporate Debtor…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Central Bank of India, a Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. JS Designer Limited, the Corporate Debtor, due to a default in payment.
Central Bank of India filed an application under Section 7 of the IBC against M/S. JS Designer Limited.
The Corporate Debtor defaulted on a payment of Rs. 20,46,15,294.
The Corporate Debtor availed working capital credit facilities under a consortium arrangement.
The Corporate Debtor executed various financing and security documents, including a Working Capital Consortium Agreement and a Joint Deed of Hypothecation.
The Corporate Debtor defaulted on 30.12.2017, and the loan was declared as NPA on 30.03.2018.
The Respondent vide its OTS Proposal has unequivocally admitted its liability and has promised to discharge the said debt.
The petition was filed on 13.05.2024.
The Loan Account was declared as a NPA on 30.03.2018 by the Financial Creditor.
…The present application…
The Corporate Debtor…