State Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process (CIRP) against Gurdaspur Overseas Ltd., the corporate debtor, due to default in repayment of financial debt. The corporate debtor is registered under the Companies Act, 1956. The loan facilities were sanctioned on 31.01.2014 for ₹85 crores, with SBI's share being ₹25 crores. The facilities were enhanced to ₹130 crores on 07.05.2015. The corporate debtor faced losses in the rice industry and proposed restructuring, which was declined by the bank. The bank also initiated proceedings under the SARFAESI Act, 2002.
State Bank of India (SBI), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gurdaspur Overseas Ltd., the corporate debtor. SBI, having a branch in Ludhiana, extended loan facilities to the corporate debtor. The corporate debtor is a company registered under the Companies Act, 1956, on 18.09.2009, with an authorized share capital of ₹31,00,00,000/- and a paid-up capital of ₹29,68,73,500/-. The corporate debtor was sanctioned loan facilities by SBI and other consortium members on 31.01.2014, totaling ₹85 crores, with SBI's share being ₹25 crores in the form of Cash Credit Hypothecation. The credit facilities were primarily secured by hypothecation
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Gurdaspur Overseas Ltd.…
Loan facilities sanctioned to the Corporate…
State Bank of India, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process (CIRP) against Gurdaspur Overseas Ltd., the corporate debtor, due to default in repayment of financial debt. The corporate debtor is registered under the Companies Act, 1956. The loan facilities were sanctioned on 31.01.2014 for ₹85 crores, with SBI's share being ₹25 crores. The facilities were enhanced to ₹130 crores on 07.05.2015. The corporate debtor faced losses in the rice industry and proposed restructuring, which was declined by the bank. The bank also initiated proceedings under the SARFAESI Act, 2002.
State Bank of India (SBI), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Gurdaspur Overseas Ltd., the corporate debtor. SBI, having a branch in Ludhiana, extended loan facilities to the corporate debtor. The corporate debtor is a company registered under the Companies Act, 1956, on 18.09.2009, with an authorized share capital of ₹31,00,00,000/- and a paid-up capital of ₹29,68,73,500/-. The corporate debtor was sanctioned loan facilities by SBI and other consortium members on 31.01.2014, totaling ₹85 crores, with SBI's share being ₹25 crores in the form of Cash Credit Hypothecation. The credit facilities were primarily secured by hypothecation
…Gurdaspur Overseas Ltd.…
Loan facilities sanctioned to the Corporate…