M/s. South Canara District Central Co-operative Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Mylar Sugars Ltd. (Corporate Debtor) for defaulting on various loan facilities. The total outstanding debt as of April 30, 2026, was Rs.98,71,94,481/-, with dates of default ranging from January 6, 2026, to April 30, 2026. The loans were declared Non-Performing Assets (NPA) on April 6, 2026.
M/s. South Canara District Central Co-operative Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against M/s. Mylar Sugars Ltd. (Respondent/Corporate Debtor).
The petition was filed on 04.06.2026, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The Petitioner is a cooperative Banking institution incorporated in 1913 and registered under the Banking Regulations Act, 1949.
The Respondent is engaged in the business of manufacturing and selling sugar and its by-products, and generating power through cogeneration facilities.
The Respondent availed a consortium term loan facility of Rs.220 Crores in 2021 for expansion, with the Petitioner sanctioning and disbursing Rs.60 Crores.
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South Canara District Central Co-operative Bank…
Respondent approached M/s. Karnataka State…
M/s. South Canara District Central Co-operative Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s. Mylar Sugars Ltd. (Corporate Debtor) for defaulting on various loan facilities. The total outstanding debt as of April 30, 2026, was Rs.98,71,94,481/-, with dates of default ranging from January 6, 2026, to April 30, 2026. The loans were declared Non-Performing Assets (NPA) on April 6, 2026.
M/s. South Canara District Central Co-operative Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against M/s. Mylar Sugars Ltd. (Respondent/Corporate Debtor).
The petition was filed on 04.06.2026, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The Petitioner is a cooperative Banking institution incorporated in 1913 and registered under the Banking Regulations Act, 1949.
The Respondent is engaged in the business of manufacturing and selling sugar and its by-products, and generating power through cogeneration facilities.
The Respondent availed a consortium term loan facility of Rs.220 Crores in 2021 for expansion, with the Petitioner sanctioning and disbursing Rs.60 Crores.
…South Canara District Central Co-operative Bank…
Respondent approached M/s. Karnataka State…