State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Radheshyam Fibers Private Limited to initiate the Insolvency Resolution Process. The application was based on the corporate debtor's failure to repay its debts. Radheshyam Fibers Private Limited had availed credit facilities from State Bank of India at various times between 2008 and 2013, including cash credit and standby line of credit. The corporate debtor defaulted on its repayment obligations, leading to the bank initiating recovery proceedings.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Radheshyam Fibers Private Limited. Radheshyam Fibers Private Limited is a private limited company incorporated under the Companies Act, 1956. SBI had extended various credit facilities to Radheshyam Fibers Private Limited between 2008 and 2013, including cash credit and standby line of credit. The facilities were secured by mortgages and guarantees. The Corporate Debtor defaulted on its repayment obligations, leading SBI to issue a notice dated 29.6.2016 and file an Original Application No. 575 of 2016 before the Debt Recovery Tribunal-II, Ahmedabad. SBI also issued a notice under Section
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Corporate Debtor approached the Applicant Bank…
Sanction Letter dated…
State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Radheshyam Fibers Private Limited to initiate the Insolvency Resolution Process. The application was based on the corporate debtor's failure to repay its debts. Radheshyam Fibers Private Limited had availed credit facilities from State Bank of India at various times between 2008 and 2013, including cash credit and standby line of credit. The corporate debtor defaulted on its repayment obligations, leading to the bank initiating recovery proceedings.
State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Radheshyam Fibers Private Limited. Radheshyam Fibers Private Limited is a private limited company incorporated under the Companies Act, 1956. SBI had extended various credit facilities to Radheshyam Fibers Private Limited between 2008 and 2013, including cash credit and standby line of credit. The facilities were secured by mortgages and guarantees. The Corporate Debtor defaulted on its repayment obligations, leading SBI to issue a notice dated 29.6.2016 and file an Original Application No. 575 of 2016 before the Debt Recovery Tribunal-II, Ahmedabad. SBI also issued a notice under Section
…Corporate Debtor approached the Applicant Bank…
Sanction Letter dated…