ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against SR Foils and Tissue Limited, the Corporate Debtor. The Financial Creditor claimed a default on the loan facilities extended to the Corporate Debtor. The total outstanding principal amount was Rs. 647.4 million, with an additional interest component of Rs. 491.1 million. The Corporate Debtor defaulted on 31.12.2013, admitting the dues but failing to make payment. The Financial Creditor classified the account as a Non-Performing Asset (NPA) on 18.04.2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, taking symbolic possession of mortgaged properties. Several
…ICICI Bank Limited extended loan facilities to SR Foils and Tissue Limited. The total outstanding principal amount was Rs. 647.4 million, with an interest component of Rs. 491.1 million. The Corporate Debtor defaulted on 31.12.2013, admitting the dues but failing to make payment. The account was classified as NPA on 18.04.2014. The Financial Creditor initiated SARFAESI Act proceedings, taking symbolic possession of mortgaged properties. Properties mortgaged by Mr. R.C. Gupta, Mr. Rishi Gupta, and Ms. Shanta Gupta were auctioned for Rs. 17.1 million, Rs. 12.4 million, and Rs. 20.1 million, respectively. The default continued, and on 31.01.2017, the property mortgaged at Bhiwadi was auctioned. After adjustments, a sum of Rs. 1,138.15 million remained in default. The
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The Financial Creditor sanctioned facilities…
The Financial Creditor reviewed the earlier…
ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against SR Foils and Tissue Limited, the Corporate Debtor. The Financial Creditor claimed a default on the loan facilities extended to the Corporate Debtor. The total outstanding principal amount was Rs. 647.4 million, with an additional interest component of Rs. 491.1 million. The Corporate Debtor defaulted on 31.12.2013, admitting the dues but failing to make payment. The Financial Creditor classified the account as a Non-Performing Asset (NPA) on 18.04.2014. The Financial Creditor initiated recovery proceedings under the SARFAESI Act, taking symbolic possession of mortgaged properties. Several
…ICICI Bank Limited extended loan facilities to SR Foils and Tissue Limited. The total outstanding principal amount was Rs. 647.4 million, with an interest component of Rs. 491.1 million. The Corporate Debtor defaulted on 31.12.2013, admitting the dues but failing to make payment. The account was classified as NPA on 18.04.2014. The Financial Creditor initiated SARFAESI Act proceedings, taking symbolic possession of mortgaged properties. Properties mortgaged by Mr. R.C. Gupta, Mr. Rishi Gupta, and Ms. Shanta Gupta were auctioned for Rs. 17.1 million, Rs. 12.4 million, and Rs. 20.1 million, respectively. The default continued, and on 31.01.2017, the property mortgaged at Bhiwadi was auctioned. After adjustments, a sum of Rs. 1,138.15 million remained in default. The
…The Financial Creditor sanctioned facilities…
The Financial Creditor reviewed the earlier…