Canbank Factors Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Accord Industries Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on payments amounting to Rs. 9,48,11,879.05 as of 31.03.2017. The corporate debtor opposed the petition, arguing that there was a pre-existing commercial dispute and that a commercial suit was already pending before the City Civil Court, Ahmedabad. The corporate debtor also contended that the financial creditor had provided factoring facilities on receivables due from another company and that the amount claimed was under dispute. The financial creditor
…Canbank Factors Limited (Financial Creditor) extended credit facilities to Accord Industries Limited (Corporate Debtor), including sale bill factoring and invoice discounting. The facilities were sanctioned through a letter dated 25.10.2012 and subsequently renewed and enhanced via supplemental agreements dated 15.02.2014 and 05.08.2014. The Corporate Debtor allegedly defaulted on payments, leading to an outstanding amount of Rs. 9,48,11,879.05 as of 31.03.2017. The Corporate Debtor issued six cheques of Rs. 1.00 Crore each, dated 31.08.2015 and 31.11.2015, which were dishonored. The Financial Creditor issued a legal notice on 11.07.2017, demanding payment of Rs. 9,34,82,001.53, but the Corporate Debtor failed to comply. The Financial Creditor filed a commercial suit
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Sanction l…
Sanction letter factoring cum prepayment…
Canbank Factors Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Accord Industries Limited, the corporate debtor. The financial creditor claimed that the corporate debtor had defaulted on payments amounting to Rs. 9,48,11,879.05 as of 31.03.2017. The corporate debtor opposed the petition, arguing that there was a pre-existing commercial dispute and that a commercial suit was already pending before the City Civil Court, Ahmedabad. The corporate debtor also contended that the financial creditor had provided factoring facilities on receivables due from another company and that the amount claimed was under dispute. The financial creditor
…Canbank Factors Limited (Financial Creditor) extended credit facilities to Accord Industries Limited (Corporate Debtor), including sale bill factoring and invoice discounting. The facilities were sanctioned through a letter dated 25.10.2012 and subsequently renewed and enhanced via supplemental agreements dated 15.02.2014 and 05.08.2014. The Corporate Debtor allegedly defaulted on payments, leading to an outstanding amount of Rs. 9,48,11,879.05 as of 31.03.2017. The Corporate Debtor issued six cheques of Rs. 1.00 Crore each, dated 31.08.2015 and 31.11.2015, which were dishonored. The Financial Creditor issued a legal notice on 11.07.2017, demanding payment of Rs. 9,34,82,001.53, but the Corporate Debtor failed to comply. The Financial Creditor filed a commercial suit
…Sanction l…
Sanction letter factoring cum prepayment…