IDBI Bank Limited, acting as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S. Kumars Nationwide Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in payment of a financial debt amounting to ₹834,22,96,587/- (principal) with a total default claimed at ₹1680,69,35,210/-. The Debtor Company was incorporated on 28th September 1990 and is engaged in manufacturing of Cotton Fabrics and shirting. The Bank narrated the background of the Debtor Company, including its incorporation, changes in name, and business activities.
IDBI Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S. Kumars Nationwide Limited, the Corporate Debtor, due to a default in payment of a financial debt. The total default claimed was ₹1680,69,35,210/-, including a principal amount of ₹834,22,96,587/-. The Debtor Company was incorporated on 28th September 1990 and is engaged in manufacturing of Cotton Fabrics and shirting. The Financial Creditor presented loan agreements, statements of dues, and security documents as evidence. The Debtor Company had issued a 'revival letter' to Bank of India on 8th May 2013, acknowledging the loan liability. The DRT Karnataka at Bangalore Bench had passed an order on 30 January 2017, acknowledging the
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S. Kumars Nationwide…
The Debtor Company issued a 'revival…
IDBI Bank Limited, acting as a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S. Kumars Nationwide Limited, the Corporate Debtor. The petition was filed due to the Corporate Debtor's default in payment of a financial debt amounting to ₹834,22,96,587/- (principal) with a total default claimed at ₹1680,69,35,210/-. The Debtor Company was incorporated on 28th September 1990 and is engaged in manufacturing of Cotton Fabrics and shirting. The Bank narrated the background of the Debtor Company, including its incorporation, changes in name, and business activities.
IDBI Bank Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against S. Kumars Nationwide Limited, the Corporate Debtor, due to a default in payment of a financial debt. The total default claimed was ₹1680,69,35,210/-, including a principal amount of ₹834,22,96,587/-. The Debtor Company was incorporated on 28th September 1990 and is engaged in manufacturing of Cotton Fabrics and shirting. The Financial Creditor presented loan agreements, statements of dues, and security documents as evidence. The Debtor Company had issued a 'revival letter' to Bank of India on 8th May 2013, acknowledging the loan liability. The DRT Karnataka at Bangalore Bench had passed an order on 30 January 2017, acknowledging the
…S. Kumars Nationwide…
The Debtor Company issued a 'revival…