The Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Delicious Coco Water Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). SIDBI, a financial institution, had extended a loan facility to Delicious Coco Water Pvt. Ltd. On February 15, 2016, a term loan of Rs. 20 crores was sanctioned. To secure the repayment, the Corporate Debtor signed and executed documents, including a loan agreement and a general condition rupee loan agreement dated February 23, 2016. Personal guarantees of the directors were furnished along with an equitable mortgage of their immovable assets. The financial assistance was extended through disbursements made on March 23, 2016,
…Small Industries Development Bank of India (SIDBI) extended a loan of Rs. 20 crores to Delicious Coco Water Pvt. Ltd. on February 15, 2016. The loan was secured by a loan agreement, a general condition rupee loan agreement dated February 23, 2016, personal guarantees from the directors, and an equitable mortgage on their immovable assets. Disbursements of Rs. 14,42,06,687/- and Rs. 2,64,00,000/- were made between March 23, 2016, and March 30, 2016, respectively, totaling Rs. 19,93,25,507/-. Delicious Coco Water Pvt. Ltd. failed to adhere to the repayment schedule, leading to the account being declared an NPA on September 8, 2017. SIDBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Corporate Insolvency Resolution
…Sign in to view the parties.
A term loan of Rs. 20…
Loan agreement and a…
The Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against Delicious Coco Water Pvt. Ltd., seeking initiation of the Corporate Insolvency Resolution Process (CIRP). SIDBI, a financial institution, had extended a loan facility to Delicious Coco Water Pvt. Ltd. On February 15, 2016, a term loan of Rs. 20 crores was sanctioned. To secure the repayment, the Corporate Debtor signed and executed documents, including a loan agreement and a general condition rupee loan agreement dated February 23, 2016. Personal guarantees of the directors were furnished along with an equitable mortgage of their immovable assets. The financial assistance was extended through disbursements made on March 23, 2016,
…Small Industries Development Bank of India (SIDBI) extended a loan of Rs. 20 crores to Delicious Coco Water Pvt. Ltd. on February 15, 2016. The loan was secured by a loan agreement, a general condition rupee loan agreement dated February 23, 2016, personal guarantees from the directors, and an equitable mortgage on their immovable assets. Disbursements of Rs. 14,42,06,687/- and Rs. 2,64,00,000/- were made between March 23, 2016, and March 30, 2016, respectively, totaling Rs. 19,93,25,507/-. Delicious Coco Water Pvt. Ltd. failed to adhere to the repayment schedule, leading to the account being declared an NPA on September 8, 2017. SIDBI filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Corporate Insolvency Resolution
…A term loan of Rs. 20…
Loan agreement and a…