The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Central Bank of India (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. JS Designer Limited (Corporate Debtor).
Central Bank of India filed an application under Section 7 of the IBC to initiate CIRP against M/S. JS Designer Limited.
The Corporate Debtor defaulted on payment obligations amounting to 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 Joint Deed of Hypothecation.
The Corporate Debtor's loan account was declared as NPA on 30.03.2018.
The Corporate Debtor submitted OTS proposals admitting its liability.
The application was filed on 13.05.2024.
The date of default as stated by Financial Creditor is 30.12.2017.
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The Corporate Debtor…
The Loan of the…
The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Central Bank of India (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. JS Designer Limited (Corporate Debtor).
Central Bank of India filed an application under Section 7 of the IBC to initiate CIRP against M/S. JS Designer Limited.
The Corporate Debtor defaulted on payment obligations amounting to 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 Joint Deed of Hypothecation.
The Corporate Debtor's loan account was declared as NPA on 30.03.2018.
The Corporate Debtor submitted OTS proposals admitting its liability.
The application was filed on 13.05.2024.
The date of default as stated by Financial Creditor is 30.12.2017.
The Corporate Debtor…
The Loan of the…