A Section 7 petition was filed by the Respondent No.1 on 21.07.2017 before the NCLT claiming that this amount together with interest, which kept ticking from 1998, was payable to the respondent as the loan granted to Respondent No.2 had originally been assigned, and, thanks to a merger with another Cooperative Bank in 2006, the respondent became a Financial Creditor to whom these moneys were owed.
6.7 Crores was found as against the respondent No.2.
Ultimately, a Recovery Certificate dated 24.12.2001 was issued for this amount.
The respondent No.2 had been declared a NPA by Abhyudaya Co operative Bank Limited on 23.12.1999.
