The case involves a petition filed by Nithin Grains and Mills Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its default in payment of a financial debt. The company, incorporated on 03.09.2014, availed a term loan of Rs. 10 crores and a cash credit facility of Rs. 7.25 crores from Bank of India, Tirupathi Branch. It defaulted in repayment as early as June 2016. Previously, another company, M/s Vishwabharti Foods Private Limited, had filed a Company Petition against Nithin Grains, which was admitted and CIRP initiated, but later withdrawn following approval from the Committee of Creditors (CoC).
Nithin Grains and Mills Private Limited, the petitioner, sought to initiate CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to defaulting on financial debt. Incorporated on September 3, 2014, the company had availed a term loan of Rs. 10 crores and a cash credit facility of Rs. 7.25 crores from Bank of India, Tirupathi Branch, the respondent. The company defaulted on repayments starting in June 2016. Prior to this petition, M/s Vishwabharti Foods Private Limited had initiated CIRP against Nithin Grains, which was later withdrawn. The respondent bank contended that Nithin Grains was attempting to evade actions under the SARFAESI Act and recovery proceedings. The petitioner enclosed a copy of the special resolution passed by the shareholders to
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Nithin Grains a…
Nithin Grains and Mills…
The case involves a petition filed by Nithin Grains and Mills Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its default in payment of a financial debt. The company, incorporated on 03.09.2014, availed a term loan of Rs. 10 crores and a cash credit facility of Rs. 7.25 crores from Bank of India, Tirupathi Branch. It defaulted in repayment as early as June 2016. Previously, another company, M/s Vishwabharti Foods Private Limited, had filed a Company Petition against Nithin Grains, which was admitted and CIRP initiated, but later withdrawn following approval from the Committee of Creditors (CoC).
Nithin Grains and Mills Private Limited, the petitioner, sought to initiate CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to defaulting on financial debt. Incorporated on September 3, 2014, the company had availed a term loan of Rs. 10 crores and a cash credit facility of Rs. 7.25 crores from Bank of India, Tirupathi Branch, the respondent. The company defaulted on repayments starting in June 2016. Prior to this petition, M/s Vishwabharti Foods Private Limited had initiated CIRP against Nithin Grains, which was later withdrawn. The respondent bank contended that Nithin Grains was attempting to evade actions under the SARFAESI Act and recovery proceedings. The petitioner enclosed a copy of the special resolution passed by the shareholders to
…Nithin Grains a…
Nithin Grains and Mills…