Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sitaram Prints Private Limited, the Corporate Guarantor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default on a financial debt amounting to Rs. 15,99,67,298.36 as on 30.06.2020, which later updated to Rs.28,83,31,160 as on 01.11.2024.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against Sitaram Prints Private Limited, the Corporate Guarantor.
The Corporate Guarantor provided a corporate guarantee to secure credit facilities granted to Sumeet Industries Limited, the Principal Borrower.
Sumeet Industries Limited defaulted on 24.01.2019, and its account was classified as NPA on 24.04.2019.
The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 11.11.2019 to the Principal Borrower and the Corporate Guarantor.
The Corporate Guarantor submitted an OTS proposal of Rs.8.00 Crores on 21.03.2024.
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Date of Sanction letter for Non-Fund-Based…
Date of defa…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sitaram Prints Private Limited, the Corporate Guarantor, for initiation of Corporate Insolvency Resolution Process (CIRP) due to a default on a financial debt amounting to Rs. 15,99,67,298.36 as on 30.06.2020, which later updated to Rs.28,83,31,160 as on 01.11.2024.
Canara Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against Sitaram Prints Private Limited, the Corporate Guarantor.
The Corporate Guarantor provided a corporate guarantee to secure credit facilities granted to Sumeet Industries Limited, the Principal Borrower.
Sumeet Industries Limited defaulted on 24.01.2019, and its account was classified as NPA on 24.04.2019.
The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 11.11.2019 to the Principal Borrower and the Corporate Guarantor.
The Corporate Guarantor submitted an OTS proposal of Rs.8.00 Crores on 21.03.2024.
…Date of Sanction letter for Non-Fund-Based…
Date of defa…