Hero Fincorp Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Agri Best India Limited, the corporate debtor, due to a default in payment. The financial assistance was provided for working capital requirements by discounting sales bills of Britannia Industries Ltd. and Parle Biscuits Pvt. Ltd. Initially, ₹2.5 Crores was sanctioned, later enhanced to ₹7.5 Crores. The corporate debtor allegedly defaulted on payments, leading to the petition.
Hero Fincorp Limited (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Agri Best India Limited (corporate debtor). The financial creditor sanctioned ₹2.5 Crores to the corporate debtor, later enhanced to ₹7.5 Crores, for working capital through bill discounting of sales to Britannia Industries Ltd. and Parle Biscuits Pvt. Ltd. A Master Facilities Agreement and Supplementary Agreement were executed. The financial creditor claimed a default of ₹6,89,00,745.37. A loan recall notice was issued on 19.04.2017. The corporate debtor, represented by Mr. Gopal Sharma, claimed non-receipt of bill discounting amounts but failed to provide supporting details. The
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Hero Fincorp Limited, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Agri Best India Limited, the corporate debtor, due to a default in payment. The financial assistance was provided for working capital requirements by discounting sales bills of Britannia Industries Ltd. and Parle Biscuits Pvt. Ltd. Initially, ₹2.5 Crores was sanctioned, later enhanced to ₹7.5 Crores. The corporate debtor allegedly defaulted on payments, leading to the petition.
Hero Fincorp Limited (financial creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Agri Best India Limited (corporate debtor). The financial creditor sanctioned ₹2.5 Crores to the corporate debtor, later enhanced to ₹7.5 Crores, for working capital through bill discounting of sales to Britannia Industries Ltd. and Parle Biscuits Pvt. Ltd. A Master Facilities Agreement and Supplementary Agreement were executed. The financial creditor claimed a default of ₹6,89,00,745.37. A loan recall notice was issued on 19.04.2017. The corporate debtor, represented by Mr. Gopal Sharma, claimed non-receipt of bill discounting amounts but failed to provide supporting details. The
…Financial assis…
Master Facility…