Union Bank of India filed a petition under Section 7 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kallam Textiles Ltd. for defaulting on a debt of Rs. 2,10,49,16,990.77 as on 31.10.2025.
Union Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016 against Kallam Textiles Ltd. (Corporate Debtor).
The Corporate Debtor defaulted on a debt of Rs. 2,10,49,16,990.77 as on 31.10.2025.
The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, who executed security documents.
The Corporate Debtor's loan accounts slipped to NPA category on 29.06.2023.
The Financial Creditor issued a statutory demand notice dated 11.09.2024 under Section 13(2) of SARFAESI.
The Financial Creditor also filed an OA before the Debt Recovery Tribunal Visakhapatnam for recovery of the debt.
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The present Petition…
The Petition was…
Union Bank of India filed a petition under Section 7 of the IBC, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Kallam Textiles Ltd. for defaulting on a debt of Rs. 2,10,49,16,990.77 as on 31.10.2025.
Union Bank of India (Financial Creditor) filed a petition under Section 7 of the IBC, 2016 against Kallam Textiles Ltd. (Corporate Debtor).
The Corporate Debtor defaulted on a debt of Rs. 2,10,49,16,990.77 as on 31.10.2025.
The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, who executed security documents.
The Corporate Debtor's loan accounts slipped to NPA category on 29.06.2023.
The Financial Creditor issued a statutory demand notice dated 11.09.2024 under Section 13(2) of SARFAESI.
The Financial Creditor also filed an OA before the Debt Recovery Tribunal Visakhapatnam for recovery of the debt.
…The present Petition…
The Petition was…