The case involves an application filed by M/s. Shri Siddeshwar Souhard Sahakari Niyamit Co-operative Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Manali Sugars Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor has defaulted on a total amount of Rs. 49,90,10,000/-. The Corporate Debtor admits to the default due to financial constraints.
M/s. Shri Siddeshwar Souhard Sahakari Niyamit Co-operative Bank, registered on 2006-01-16, filed a petition under Section 7 of the IBC to initiate CIRP against M/s. Manali Sugars Limited, incorporated on 1995-07-26. Manali Sugars Limited had an authorized share capital of Rs. 40,00,00,000 and a paid-up share capital of Rs. 33,49,20,290. They availed a cash credit facility up to Rs. 37,71,40,000 at 16% interest per annum from the Financial Creditor, effective from 2018-03-31 to 2019-03-31. The Corporate Debtor defaulted on a total amount of Rs. 49,90,10,000, including a principal amount of Rs. 43,39,22,000 and interest of Rs. 6,50,88,000. The date of default was recorded as 2019-03-31. The Corporate Debtor admitted to facing cash-flow insolvency and breaching financial
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M/s. Shri Siddeshwar…
M/s. Manali…
The case involves an application filed by M/s. Shri Siddeshwar Souhard Sahakari Niyamit Co-operative Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Manali Sugars Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor has defaulted on a total amount of Rs. 49,90,10,000/-. The Corporate Debtor admits to the default due to financial constraints.
M/s. Shri Siddeshwar Souhard Sahakari Niyamit Co-operative Bank, registered on 2006-01-16, filed a petition under Section 7 of the IBC to initiate CIRP against M/s. Manali Sugars Limited, incorporated on 1995-07-26. Manali Sugars Limited had an authorized share capital of Rs. 40,00,00,000 and a paid-up share capital of Rs. 33,49,20,290. They availed a cash credit facility up to Rs. 37,71,40,000 at 16% interest per annum from the Financial Creditor, effective from 2018-03-31 to 2019-03-31. The Corporate Debtor defaulted on a total amount of Rs. 49,90,10,000, including a principal amount of Rs. 43,39,22,000 and interest of Rs. 6,50,88,000. The date of default was recorded as 2019-03-31. The Corporate Debtor admitted to facing cash-flow insolvency and breaching financial
…M/s. Shri Siddeshwar…
M/s. Manali…