J And K Integrated Textile Park Limited (Financial Creditor), a Special Purpose Vehicle for the Scheme for Integrated Textiles Park (SITP), filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 (IBC) against Green Textorium Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had leased land and extended unsecured loans to the Corporate Debtor for factory construction. The Corporate Debtor defaulted on lease rent, interest, and principal, leading to dishonoured cheques and separate recovery proceedings by Punjab National Bank under the SARFAESI Act.
J And K Integrated Textile Park Limited (Financial Creditor) filed CP (IB) No.322/Chd/J&K/2023 under Section 7 of the IBC against Green Textorium Private Limited (Corporate Debtor) for initiating CIRP.
The Financial Creditor is a Special Purpose Vehicle (SPV) incorporated to implement the Scheme for Integrated Textiles Park (SITP) launched by the Government of India, Ministry of Textiles, in 2005.
J&K State Industrial Development Corporation Limited (JKSIDCO) granted a lease of 200 Kanals of land at Industrial Estate, Kathua, to the Financial Creditor by Lease Deed dated 22.03.2012 for 90 years.
The Financial Creditor paid a premium of Rs. 3,00,00,000/- along with advance ground rent for the leased land.
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Scheme for Integrated Textiles Park (SITP)…
J&K State Industrial Development Corporation…
J And K Integrated Textile Park Limited (Financial Creditor), a Special Purpose Vehicle for the Scheme for Integrated Textiles Park (SITP), filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016 (IBC) against Green Textorium Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor had leased land and extended unsecured loans to the Corporate Debtor for factory construction. The Corporate Debtor defaulted on lease rent, interest, and principal, leading to dishonoured cheques and separate recovery proceedings by Punjab National Bank under the SARFAESI Act.
J And K Integrated Textile Park Limited (Financial Creditor) filed CP (IB) No.322/Chd/J&K/2023 under Section 7 of the IBC against Green Textorium Private Limited (Corporate Debtor) for initiating CIRP.
The Financial Creditor is a Special Purpose Vehicle (SPV) incorporated to implement the Scheme for Integrated Textiles Park (SITP) launched by the Government of India, Ministry of Textiles, in 2005.
J&K State Industrial Development Corporation Limited (JKSIDCO) granted a lease of 200 Kanals of land at Industrial Estate, Kathua, to the Financial Creditor by Lease Deed dated 22.03.2012 for 90 years.
The Financial Creditor paid a premium of Rs. 3,00,00,000/- along with advance ground rent for the leased land.
…Scheme for Integrated Textiles Park (SITP)…
J&K State Industrial Development Corporation…