Andhra Bank, a financial creditor, filed a petition against M/s. Samyu Glass Private Limited, the corporate debtor, for defaulting on a payment of Rs. 35,00,74,293/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP), granting a moratorium, and appointing an Interim Resolution Professional (IRP). The corporate debtor had availed credit facilities from the financial creditor since 2010, which were sanctioned, enhanced, and renewed periodically until 2014. The corporate debtor admitted to the default.
Andhra Bank, the financial creditor, filed a petition against M/s. Samyu Glass Private Limited, the corporate debtor, due to a default of Rs. 35,00,74,293/-. The corporate debtor had availed credit facilities since 2010, with renewals until 2014. Specific credit facilities included a Term Loan of Rs 30.00 Crores, OCC Limit of Rs 1 Crores, Letter of Credit (Inland/Foreign) of Rs.10.00 Crores and PC/FUBD of Rs.3.00 Crores in November 2009. In March 2011, the corporate debtor availed enhancement of Open Cash Credit (OCC) from Rs.1.00 Crores to Rs.1.95 Crores, PC/ UBD from Rs. 3.00 Crores to Rs. 3. 82 Crores, and further availed a Fresh FDBP/FUBD Limit of Rs. 5.00 Crores, ILC/FLC and fresh limit of Rs. 2.00 Crores, and Sanction of B.G. Limit of Rs. 0.50 Crores. In August
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The Corporate Debtor availed a Term Loan of Rs…
The Corporate Debtor availed enhancement of Open…
Andhra Bank, a financial creditor, filed a petition against M/s. Samyu Glass Private Limited, the corporate debtor, for defaulting on a payment of Rs. 35,00,74,293/-. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP), granting a moratorium, and appointing an Interim Resolution Professional (IRP). The corporate debtor had availed credit facilities from the financial creditor since 2010, which were sanctioned, enhanced, and renewed periodically until 2014. The corporate debtor admitted to the default.
Andhra Bank, the financial creditor, filed a petition against M/s. Samyu Glass Private Limited, the corporate debtor, due to a default of Rs. 35,00,74,293/-. The corporate debtor had availed credit facilities since 2010, with renewals until 2014. Specific credit facilities included a Term Loan of Rs 30.00 Crores, OCC Limit of Rs 1 Crores, Letter of Credit (Inland/Foreign) of Rs.10.00 Crores and PC/FUBD of Rs.3.00 Crores in November 2009. In March 2011, the corporate debtor availed enhancement of Open Cash Credit (OCC) from Rs.1.00 Crores to Rs.1.95 Crores, PC/ UBD from Rs. 3.00 Crores to Rs. 3. 82 Crores, and further availed a Fresh FDBP/FUBD Limit of Rs. 5.00 Crores, ILC/FLC and fresh limit of Rs. 2.00 Crores, and Sanction of B.G. Limit of Rs. 0.50 Crores. In August
…The Corporate Debtor availed a Term Loan of Rs…
The Corporate Debtor availed enhancement of Open…