State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against S.M Pharmaceuticals Private Limited.
State Bank of India filed a petition under Section 7 of the IBC to initiate CIRP against S.M Pharmaceuticals Private Limited.
S.M Pharmaceuticals Private Limited was incorporated on 19.12.2018.
The Corporate Debtor's business operations had stopped by the time the petition was filed.
The Corporate Debtor availed various loans from Mysore Circle Branch of Petitioner.
The loan was sanctioned against equitable mortgage created by deposit of title deeds of immovable properties.
The account was classified as NPA on 28.02.2023.
The date of default is set to be 31.12.2022.
The outstanding amount was Rs.20,27,76,662.94/- plus interest.
The notice of Petition was sent to the Respondent and its Managing Director through registered post vide order dated 12.11.2024.
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S.M Pharmaceuticals…
The account was…
State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against S.M Pharmaceuticals Private Limited.
State Bank of India filed a petition under Section 7 of the IBC to initiate CIRP against S.M Pharmaceuticals Private Limited.
S.M Pharmaceuticals Private Limited was incorporated on 19.12.2018.
The Corporate Debtor's business operations had stopped by the time the petition was filed.
The Corporate Debtor availed various loans from Mysore Circle Branch of Petitioner.
The loan was sanctioned against equitable mortgage created by deposit of title deeds of immovable properties.
The account was classified as NPA on 28.02.2023.
The date of default is set to be 31.12.2022.
The outstanding amount was Rs.20,27,76,662.94/- plus interest.
The notice of Petition was sent to the Respondent and its Managing Director through registered post vide order dated 12.11.2024.
…S.M Pharmaceuticals…
The account was…