Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pithampur Poly Products Limited, citing default in repayment of term loans and cash credit facilities. The corporate debtor was incorporated in 1994 and engaged in manufacturing PP/SDP woven sacks, Jumbo Bags, etc. The bank sanctioned term loans and cash credit facilities to the corporate debtor, with the date of default being 01/05/2000. The bank claimed total dues of Rs. 2,87,87,58,545.91 as of 08/08/2018. The corporate debtor submitted One Time Settlement (OTS) proposals, which were rejected by the bank. The corporate debtor also filed a writ petition in the High Court
…Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pithampur Poly Products Limited. The corporate debtor was incorporated on 28/07/1994 with CIN: L25202MP1994PLC008513. The nominal share capital of the company is Rs.6,00,00,000/- and the paid-up capital is Rs.4,87,40,000/-. The corporate debtor's registered office is located at Plot No. 115, Sector-ITI, Industrial Area Pithampur, District-Dhar, Madhya Pradesh. The corporate debtor is engaged in manufacturing PP/SDP woven sacks, Jumbo Bags, etc., since 1994. The bank sanctioned term loans and cash credit facilities aggregating to Rs.11,35,49,000.00/- between 27/11/1994 and 23/06/1997,
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Pithampur Poly…
Bank of Baroda sanctioned term loans and cash…
Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Pithampur Poly Products Limited, citing default in repayment of term loans and cash credit facilities. The corporate debtor was incorporated in 1994 and engaged in manufacturing PP/SDP woven sacks, Jumbo Bags, etc. The bank sanctioned term loans and cash credit facilities to the corporate debtor, with the date of default being 01/05/2000. The bank claimed total dues of Rs. 2,87,87,58,545.91 as of 08/08/2018. The corporate debtor submitted One Time Settlement (OTS) proposals, which were rejected by the bank. The corporate debtor also filed a writ petition in the High Court
…Bank of Baroda (formerly Dena Bank) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Pithampur Poly Products Limited. The corporate debtor was incorporated on 28/07/1994 with CIN: L25202MP1994PLC008513. The nominal share capital of the company is Rs.6,00,00,000/- and the paid-up capital is Rs.4,87,40,000/-. The corporate debtor's registered office is located at Plot No. 115, Sector-ITI, Industrial Area Pithampur, District-Dhar, Madhya Pradesh. The corporate debtor is engaged in manufacturing PP/SDP woven sacks, Jumbo Bags, etc., since 1994. The bank sanctioned term loans and cash credit facilities aggregating to Rs.11,35,49,000.00/- between 27/11/1994 and 23/06/1997,
…Pithampur Poly…
Bank of Baroda sanctioned term loans and cash…