The appeal was filed against the NCLT Hyderabad order dated 14.02.2024, which admitted Section 7 application filed by Canara Bank for initiating CIRP against Ananda Bharathi Fertilisers India Pvt Ltd.
NCLT Hyderabad admitted Section 7 application filed by Canara Bank.
Corporate Debtor was incorporated on 14.02.2011 for manufacturing fertilisers and soil conditioners.
Financial Creditor sanctioned a term loan of Rs. 9 crore and working capital loan of Rs. 1.10 crore on 24.03.2016.
Corporate Debtor defaulted in repayment, and the account was classified as NPA on 03.06.2018.
Loans were restructured in 2019, creating FITL-I and FITL-II.
Financial Creditor initiated SARFAESI proceedings and issued demand, possession, and redemption notices.
Corporate Debtor requested a one-time settlement (OTS), which was rejected.
Appellants obtained a conditional stay from DRT-I, Hyderabad, and deposited Rs.1.20 crore.
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NCLT Hyderabad passed an order allowing the…
Corporate Deb…
The appeal was filed against the NCLT Hyderabad order dated 14.02.2024, which admitted Section 7 application filed by Canara Bank for initiating CIRP against Ananda Bharathi Fertilisers India Pvt Ltd.
NCLT Hyderabad admitted Section 7 application filed by Canara Bank.
Corporate Debtor was incorporated on 14.02.2011 for manufacturing fertilisers and soil conditioners.
Financial Creditor sanctioned a term loan of Rs. 9 crore and working capital loan of Rs. 1.10 crore on 24.03.2016.
Corporate Debtor defaulted in repayment, and the account was classified as NPA on 03.06.2018.
Loans were restructured in 2019, creating FITL-I and FITL-II.
Financial Creditor initiated SARFAESI proceedings and issued demand, possession, and redemption notices.
Corporate Debtor requested a one-time settlement (OTS), which was rejected.
Appellants obtained a conditional stay from DRT-I, Hyderabad, and deposited Rs.1.20 crore.
…NCLT Hyderabad passed an order allowing the…
Corporate Deb…