Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KGS Sugar & Infra Corporation Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹2,64,03,54,938/- including interest as of 31.03.2019.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KGS Sugar & Infra Corporation Limited, the Corporate Debtor, due to a default of ₹2,64,03,54,938/- including interest as of 31.03.2019. The Applicant Bank had extended financial assistance to the Corporate Debtor through various sanction letters, including term loans and OCC/OD facilities. The Corporate Debtor defaulted on payments starting 24.01.2017 and was declared an NPA on 24.04.2017. The Corporate Debtor issued a Revival Letter dated 06.12.2017, acknowledging the loans. The Corporate Debtor served Court Notice and copy of Petition on 12.06.2019. The Applicant declared the Corporate Debtor's account as NPA on 22.04.2017 and issued
…Sign in to view the parties.
Applicant issued…
Sanction Letter…
Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KGS Sugar & Infra Corporation Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed due to a default of ₹2,64,03,54,938/- including interest as of 31.03.2019.
Canara Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against KGS Sugar & Infra Corporation Limited, the Corporate Debtor, due to a default of ₹2,64,03,54,938/- including interest as of 31.03.2019. The Applicant Bank had extended financial assistance to the Corporate Debtor through various sanction letters, including term loans and OCC/OD facilities. The Corporate Debtor defaulted on payments starting 24.01.2017 and was declared an NPA on 24.04.2017. The Corporate Debtor issued a Revival Letter dated 06.12.2017, acknowledging the loans. The Corporate Debtor served Court Notice and copy of Petition on 12.06.2019. The Applicant declared the Corporate Debtor's account as NPA on 22.04.2017 and issued
…Applicant issued…
Sanction Letter…