The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI claimed that Eagle Autopearl defaulted on a term loan. The application was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI had sanctioned a term loan of Rs. 700 lakhs to Eagle Autopearl, and the amount claimed to be in default was Rs. 408.02 lakhs. The date of default was 10.12.2014, and the date of NPA was 11.03.2015. The last payment made by Eagle Autopearl was on 07.02.2015. SIDBI filed the petition on 19.08.2019. SIDBI submitted various documents, including a loan agreement, security documents, and financial statements, to support its claim. The corporate debtor, Eagle Autopearl Pvt. Ltd., did not appear on their behalf. SIDBI argued that the petition was filed
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Eagle Autopearl Pvt.…
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The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI claimed that Eagle Autopearl defaulted on a term loan. The application was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI had sanctioned a term loan of Rs. 700 lakhs to Eagle Autopearl, and the amount claimed to be in default was Rs. 408.02 lakhs. The date of default was 10.12.2014, and the date of NPA was 11.03.2015. The last payment made by Eagle Autopearl was on 07.02.2015. SIDBI filed the petition on 19.08.2019. SIDBI submitted various documents, including a loan agreement, security documents, and financial statements, to support its claim. The corporate debtor, Eagle Autopearl Pvt. Ltd., did not appear on their behalf. SIDBI argued that the petition was filed
…Eagle Autopearl Pvt.…
Last payment…