IN RE Vs. WIG ASSOCIATES PRIVATE LIMITED

JUDGEMENT

(1.) This Petition is filed on 19th of July, 2017 invoking the provisions of Section 10 of Insolvency and Bankruptcy Code, 2016 (hereinafter The Code) by a "Corporate Debtor". This Application is filed by the Debtor to initiate Corporate Insolvency Resolution Process against itself.

(2.) Facts in brief are that the Applicant Debtor had availed Credit Facility from Bank of Baroda vide Sanction dated 31.07.2009 for a period of 12 months. The nature of the facility and the sanctioned limit as on 31st July 2009 was as under:-

(3.) The Petitioner has submitted Form No. 6 as prescribed under the Code, according to which, the total debt raised from Bank of Baroda was Rs. 4,85,14,000/-. The purpose for the Loan was Renovation of Office Premises and Purchase of Machinery. On account of non-payment the impugned Loan Facility was declared N.P.A. on 09.02.2012. The Bank of Baroda has taken the security in the following manner.