City Union Bank Ltd., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Bhavanam Spinning Mills Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default amount of Rs.63,15,24,009/- as of 11.05.2026, arising from various credit facilities extended to the Corporate Debtor. The Corporate Debtor's loan accounts were classified as Non-Performing Assets (NPA) on 01.10.2024. The Corporate Debtor raised objections regarding the establishment of debt, discrepancies in claimed amounts across different proceedings (SARFAESI, DRT, and Section 7 petition), the clubbing of multiple facilities under a single default date, and
…City Union Bank Ltd. (Financial Creditor) e-filed a petition under Section 7 of the IBC, 2016, on 10.06.2026 against Bhavanam Spinning Mills Private Limited (Corporate Debtor).
The petition sought initiation of Corporate Insolvency Resolution Process (CIRP) for a default amount of Rs.63,15,24,009/- as on 11.05.2026.
Bhavanam Spinning Mills Private Limited was incorporated on 15.06.2005 under the Companies Act, 1956.
The Corporate Debtor availed various credit facilities from the Financial Creditor, including ECLS, ECLGS 1.0 Extension, CUB OSL Term Loan, OSL Demand Equal, and OLCC facilities, cumulatively aggregating to Rs.64,16,00,000/-.
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Bhavanam Spinning Mills…
General Power of Attorney dated 01.02.2006…
City Union Bank Ltd., the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Bhavanam Spinning Mills Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default amount of Rs.63,15,24,009/- as of 11.05.2026, arising from various credit facilities extended to the Corporate Debtor. The Corporate Debtor's loan accounts were classified as Non-Performing Assets (NPA) on 01.10.2024. The Corporate Debtor raised objections regarding the establishment of debt, discrepancies in claimed amounts across different proceedings (SARFAESI, DRT, and Section 7 petition), the clubbing of multiple facilities under a single default date, and
…City Union Bank Ltd. (Financial Creditor) e-filed a petition under Section 7 of the IBC, 2016, on 10.06.2026 against Bhavanam Spinning Mills Private Limited (Corporate Debtor).
The petition sought initiation of Corporate Insolvency Resolution Process (CIRP) for a default amount of Rs.63,15,24,009/- as on 11.05.2026.
Bhavanam Spinning Mills Private Limited was incorporated on 15.06.2005 under the Companies Act, 1956.
The Corporate Debtor availed various credit facilities from the Financial Creditor, including ECLS, ECLGS 1.0 Extension, CUB OSL Term Loan, OSL Demand Equal, and OLCC facilities, cumulatively aggregating to Rs.64,16,00,000/-.
…Bhavanam Spinning Mills…
General Power of Attorney dated 01.02.2006…