The case involves a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Nithin Nutritions Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its default in payment of a financial debt. The company was incorporated on 12.08.2014 and engaged in the business of manufacturing and dealing in food and dairy products. To achieve its objectives, it availed a term loan of Rs. 4 crores and a cash credit facility of Rs. 0.80 crores from Bank of India, Tirupathi Branch. The company defaulted on its repayment obligations starting in June 2016, leading to the filing of the petition.
Nithin Nutritions Private Limited, incorporated on 2014-08-12, sought to initiate CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to defaulting on financial debt. The company, involved in food and dairy product manufacturing, had availed a term loan of Rs. 4 crores and a cash credit facility of Rs. 0.80 crores from Bank of India, Tirupathi Branch. The company defaulted on repayments starting June 2016. Bank of India, the respondent, argued that the petition was an attempt to avoid SARFAESI Act actions and recovery proceedings before the Debt Recovery Tribunal. The petitioner submitted a copy of the special resolution passed by the shareholders resolving to initiate CIRP. The key fact is the company's default on financial debt and its subsequent
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Nithin Nutritions…
Nithin Nutritions…
The case involves a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Nithin Nutritions Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to its default in payment of a financial debt. The company was incorporated on 12.08.2014 and engaged in the business of manufacturing and dealing in food and dairy products. To achieve its objectives, it availed a term loan of Rs. 4 crores and a cash credit facility of Rs. 0.80 crores from Bank of India, Tirupathi Branch. The company defaulted on its repayment obligations starting in June 2016, leading to the filing of the petition.
Nithin Nutritions Private Limited, incorporated on 2014-08-12, sought to initiate CIRP under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to defaulting on financial debt. The company, involved in food and dairy product manufacturing, had availed a term loan of Rs. 4 crores and a cash credit facility of Rs. 0.80 crores from Bank of India, Tirupathi Branch. The company defaulted on repayments starting June 2016. Bank of India, the respondent, argued that the petition was an attempt to avoid SARFAESI Act actions and recovery proceedings before the Debt Recovery Tribunal. The petitioner submitted a copy of the special resolution passed by the shareholders resolving to initiate CIRP. The key fact is the company's default on financial debt and its subsequent
…Nithin Nutritions…
Nithin Nutritions…