The case involves a petition filed by Ramanasree Consumer Products Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt. The company was incorporated on 27.04.2010 and availed a term loan of Rs. 21.59 Lakhs and a cash credit facility of Rs. 900 Lakhs from Bank of India, Tirupathi Branch. The company defaulted in repayment of the credit facility as early as March 2016.
Ramanasree Consumer Products Private Limited, incorporated on April 27, 2010, sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to its default in financial debt repayment. The company had obtained a term loan of Rs. 21.59 Lakhs and a cash credit facility of Rs. 900 Lakhs from Bank of India, Tirupathi Branch. The company defaulted on repayments starting in March 2016. Bank of India, the respondent, argued that the petitioner was attempting to evade actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) and recovery proceedings before the Debt Recovery Tribunal. The petitioner had passed a special resolution to
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Ramanasree Consumer…
Ramanasree Consumer Products Private Limited…
The case involves a petition filed by Ramanasree Consumer Products Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt. The company was incorporated on 27.04.2010 and availed a term loan of Rs. 21.59 Lakhs and a cash credit facility of Rs. 900 Lakhs from Bank of India, Tirupathi Branch. The company defaulted in repayment of the credit facility as early as March 2016.
Ramanasree Consumer Products Private Limited, incorporated on April 27, 2010, sought to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, due to its default in financial debt repayment. The company had obtained a term loan of Rs. 21.59 Lakhs and a cash credit facility of Rs. 900 Lakhs from Bank of India, Tirupathi Branch. The company defaulted on repayments starting in March 2016. Bank of India, the respondent, argued that the petitioner was attempting to evade actions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act) and recovery proceedings before the Debt Recovery Tribunal. The petitioner had passed a special resolution to
…Ramanasree Consumer…
Ramanasree Consumer Products Private Limited…