State Bank of India, a financial creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Varidhi Cotspin Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default of Rs 43,39,28,196.47/-. The corporate debtor had availed various credit facilities from a consortium of lenders, including SBI, and failed to make repayments, leading to a loan recall notice. The date of default was identified as 01.07.2024.
State Bank of India, as a financial creditor, filed an application under Section 7 of the IBC, 2016, against Varidhi Cotspin Private Limited.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Varidhi Cotspin Private Limited for a default of Rs 43,39,28,196.47/-.
The date of default committed by the Corporate Debtor is 01.07.2024.
A consortium of lenders, including State Bank of India, granted various credit facilities to Varidhi Cotspin Private Limited, with SBI advancing Rs. 49.50 Crores.
The Corporate Debtor failed to make repayments, leading to a loan recall notice dated 30.11.2024 for Rs. 39,61,93,442.46 (inclusive of interest up to 25.11.2024) plus further interest.
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Copy of consortium Term Loan facility…
The date of default…
State Bank of India, a financial creditor, filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Varidhi Cotspin Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default of Rs 43,39,28,196.47/-. The corporate debtor had availed various credit facilities from a consortium of lenders, including SBI, and failed to make repayments, leading to a loan recall notice. The date of default was identified as 01.07.2024.
State Bank of India, as a financial creditor, filed an application under Section 7 of the IBC, 2016, against Varidhi Cotspin Private Limited.
The application seeks to initiate Corporate Insolvency Resolution Process (CIRP) against Varidhi Cotspin Private Limited for a default of Rs 43,39,28,196.47/-.
The date of default committed by the Corporate Debtor is 01.07.2024.
A consortium of lenders, including State Bank of India, granted various credit facilities to Varidhi Cotspin Private Limited, with SBI advancing Rs. 49.50 Crores.
The Corporate Debtor failed to make repayments, leading to a loan recall notice dated 30.11.2024 for Rs. 39,61,93,442.46 (inclusive of interest up to 25.11.2024) plus further interest.
…Copy of consortium Term Loan facility…
The date of default…