Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adkure Technologies Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). SIDBI had sanctioned a loan to Adkure Technologies for setting up a pharmaceutical manufacturing plant under the "SIDBI Make in India Soft Loan Fund for Micro, Small and Medium Enterprises (SMILE) Scheme". Disputes arose among the shareholders of Adkure Technologies, leading to delays in the commencement of commercial production. Adkure Technologies defaulted on its loan repayment obligations, leading SIDBI to declare the account as a Non-Performing Asset (NPA) and initiate CIRP.
Small Industries Development Bank of India (SIDBI) sanctioned a loan to Adkure Technologies Private Limited under the "SIDBI Make in India Soft Loan Fund for Micro, Small and Medium Enterprises (SMILE) Scheme" for setting up a pharmaceutical manufacturing plant. The total project cost was Rs. 19.63 crores, and SIDBI sanctioned a loan of Rs. 12 crores, including Rs. 11.80 crores as a term loan and Rs. 20 lakhs as a soft loan, on 13.10.2016. A Letter of Intent (LoI) was issued on 13.10.2016, and a Loan Agreement was executed on 17.02.2017. Securities in the form of mortgage, hypothecation, and personal guarantees were created in favor of SIDBI. The commercial production was originally scheduled for 31.12.2017, but was extended to 31.12.2019. Adkure Technologies
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SIDBI sanctioned loan facility to Adkure…
Loan agreement executed…
Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Adkure Technologies Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). SIDBI had sanctioned a loan to Adkure Technologies for setting up a pharmaceutical manufacturing plant under the "SIDBI Make in India Soft Loan Fund for Micro, Small and Medium Enterprises (SMILE) Scheme". Disputes arose among the shareholders of Adkure Technologies, leading to delays in the commencement of commercial production. Adkure Technologies defaulted on its loan repayment obligations, leading SIDBI to declare the account as a Non-Performing Asset (NPA) and initiate CIRP.
Small Industries Development Bank of India (SIDBI) sanctioned a loan to Adkure Technologies Private Limited under the "SIDBI Make in India Soft Loan Fund for Micro, Small and Medium Enterprises (SMILE) Scheme" for setting up a pharmaceutical manufacturing plant. The total project cost was Rs. 19.63 crores, and SIDBI sanctioned a loan of Rs. 12 crores, including Rs. 11.80 crores as a term loan and Rs. 20 lakhs as a soft loan, on 13.10.2016. A Letter of Intent (LoI) was issued on 13.10.2016, and a Loan Agreement was executed on 17.02.2017. Securities in the form of mortgage, hypothecation, and personal guarantees were created in favor of SIDBI. The commercial production was originally scheduled for 31.12.2017, but was extended to 31.12.2019. Adkure Technologies
…SIDBI sanctioned loan facility to Adkure…
Loan agreement executed…