The case pertains to an application filed by Oriental Bank of Commerce, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sadhbhawana Impex Pvt. Ltd., the corporate debtor. The corporate debtor had defaulted in the payment of its dues, leading to its account being classified as NPA. The financial creditor initiated proceedings under the SARFAESI Act, 2002, and issued demand and possession notices. The petition was filed due to the corporate debtor's failure to repay its debts.
Oriental Bank of Commerce, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sadhbhawana Impex Pvt. Ltd., the corporate debtor. The corporate debtor was incorporated on 02.01.1997 and is engaged in the business of a foundry. The financial creditor had sanctioned cash credit limits and term loans to the corporate debtor. The corporate debtor defaulted in the payment of interest and principal amount, leading to its account being classified as NPA on 31.03.2016. The financial creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 01.04.2016, and possession notices on 09.06.2016 and 21.06.2016. The total disbursal of cash
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Sadhbhawana Im…
The account of the corporate debtor was…
The case pertains to an application filed by Oriental Bank of Commerce, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sadhbhawana Impex Pvt. Ltd., the corporate debtor. The corporate debtor had defaulted in the payment of its dues, leading to its account being classified as NPA. The financial creditor initiated proceedings under the SARFAESI Act, 2002, and issued demand and possession notices. The petition was filed due to the corporate debtor's failure to repay its debts.
Oriental Bank of Commerce, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Sadhbhawana Impex Pvt. Ltd., the corporate debtor. The corporate debtor was incorporated on 02.01.1997 and is engaged in the business of a foundry. The financial creditor had sanctioned cash credit limits and term loans to the corporate debtor. The corporate debtor defaulted in the payment of interest and principal amount, leading to its account being classified as NPA on 31.03.2016. The financial creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 01.04.2016, and possession notices on 09.06.2016 and 21.06.2016. The total disbursal of cash
…Sadhbhawana Im…
The account of the corporate debtor was…