Axis Bank Ltd filed an application under Section 7 of the IBC, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Kallam Brothers Cottons Pvt Ltd due to a default amount of Rs.72,85,85,048.80.
Axis Bank Ltd filed an application under Section 7 of the IBC, 2016, seeking initiation of CIRP against M/s. Kallam Brothers Cottons Pvt Ltd.
The Corporate Debtor defaulted on a debt of Rs.72,85,85,048.80.
The Corporate Debtor had availed various credit facilities, including Term Loans, Working Capital Loans, and Emergency Credit Line Guarantee Scheme (ECLGS) loans.
The account was classified as Non-Performing Asset (NPA) on 21.05.2024.
The Financial Creditor served notice to the Corporate Debtor, but it was returned undelivered.
The Financial Creditor then served notice through substituted service by publication in newspapers.
The Adjudicating Authority appointed Mr. Madhu Sudhanarao Mallipaddi as the Interim Resolution Professional (IRP).
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Axis Bank Ltd f…
The matter was first listed for hearing, and the…
Axis Bank Ltd filed an application under Section 7 of the IBC, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) against M/s. Kallam Brothers Cottons Pvt Ltd due to a default amount of Rs.72,85,85,048.80.
Axis Bank Ltd filed an application under Section 7 of the IBC, 2016, seeking initiation of CIRP against M/s. Kallam Brothers Cottons Pvt Ltd.
The Corporate Debtor defaulted on a debt of Rs.72,85,85,048.80.
The Corporate Debtor had availed various credit facilities, including Term Loans, Working Capital Loans, and Emergency Credit Line Guarantee Scheme (ECLGS) loans.
The account was classified as Non-Performing Asset (NPA) on 21.05.2024.
The Financial Creditor served notice to the Corporate Debtor, but it was returned undelivered.
The Financial Creditor then served notice through substituted service by publication in newspapers.
The Adjudicating Authority appointed Mr. Madhu Sudhanarao Mallipaddi as the Interim Resolution Professional (IRP).
…Axis Bank Ltd f…
The matter was first listed for hearing, and the…