The case involves a petition filed by Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s Agnipa Energy Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores from the Bank of India in 2013. The Corporate Debtor defaulted on the repayment, leading to its account being declared as a Non-Performing Asset (NPA) on 30.04.2018. The Financial Creditor initiated recovery measures under the SARFAESI Act and also filed an Original Application with the Debts Recovery Tribunal (DRT).
Bank of India sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to M/s Agnipa Energy Pvt. Ltd. in 2013. M/s Agnipa Energy Pvt. Ltd. executed necessary loan documents and created an Equitable Mortgage of immovable properties and Hypothecation of movable properties in favor of Bank of India. M/s Agnipa Energy Pvt. Ltd. defaulted in repayment, and its account was declared a Non-Performing Asset (NPA) on 30.04.2018. Bank of India initiated measures under the SARFAESI Act and also filed Original Application O.A.438 of 2018 with the Debts Recovery Tribunal (DRT), Guwahati. M/s Agnipa Energy Pvt. Ltd. claimed to have suffered severe losses due to the inaction of Bank of India in not taking proper comprehensive Insurance Policy. National
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Bank of India sanctioned a Cash Credit facility…
The loan account of M/s Agnipa Energy Pvt.…
The case involves a petition filed by Bank of India (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against M/s Agnipa Energy Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had availed a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores from the Bank of India in 2013. The Corporate Debtor defaulted on the repayment, leading to its account being declared as a Non-Performing Asset (NPA) on 30.04.2018. The Financial Creditor initiated recovery measures under the SARFAESI Act and also filed an Original Application with the Debts Recovery Tribunal (DRT).
Bank of India sanctioned a Cash Credit facility of Rs.65 Lacs and a Term Loan limit of 10 crores to M/s Agnipa Energy Pvt. Ltd. in 2013. M/s Agnipa Energy Pvt. Ltd. executed necessary loan documents and created an Equitable Mortgage of immovable properties and Hypothecation of movable properties in favor of Bank of India. M/s Agnipa Energy Pvt. Ltd. defaulted in repayment, and its account was declared a Non-Performing Asset (NPA) on 30.04.2018. Bank of India initiated measures under the SARFAESI Act and also filed Original Application O.A.438 of 2018 with the Debts Recovery Tribunal (DRT), Guwahati. M/s Agnipa Energy Pvt. Ltd. claimed to have suffered severe losses due to the inaction of Bank of India in not taking proper comprehensive Insurance Policy. National
…Bank of India sanctioned a Cash Credit facility…
The loan account of M/s Agnipa Energy Pvt.…