The case involves an application filed by United Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sarnamoy Plastic Sack Manufacturing Private Limited. The Corporate Debtor had availed loan facilities from the Financial Creditor, executed loan agreements and security documents, and subsequently defaulted on repayment, leading to the classification of its accounts as Non-Performing Assets (NPA). The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
United Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sarnamoy Plastic Sack Manufacturing Private Limited, the corporate debtor. The corporate debtor was incorporated on January 23, 2013, and engaged in manufacturing plastic woven stocks. The corporate debtor requested a project loan and working capital from the financial creditor. The corporate debtor mortgaged its unit and later passed a board resolution to mortgage its building, machinery, and stocks. The financial creditor sanctioned credit facilities. The corporate debtor secured the term loan by hypothecation and mortgage. The corporate debtor was not making sufficient transactions, and the new project could not generate sufficient
…Sign in to view the parties.
Sarnamoy Plastic Sack…
Corporate Debtor sought…
The case involves an application filed by United Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sarnamoy Plastic Sack Manufacturing Private Limited. The Corporate Debtor had availed loan facilities from the Financial Creditor, executed loan agreements and security documents, and subsequently defaulted on repayment, leading to the classification of its accounts as Non-Performing Assets (NPA). The Financial Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP).
United Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sarnamoy Plastic Sack Manufacturing Private Limited, the corporate debtor. The corporate debtor was incorporated on January 23, 2013, and engaged in manufacturing plastic woven stocks. The corporate debtor requested a project loan and working capital from the financial creditor. The corporate debtor mortgaged its unit and later passed a board resolution to mortgage its building, machinery, and stocks. The financial creditor sanctioned credit facilities. The corporate debtor secured the term loan by hypothecation and mortgage. The corporate debtor was not making sufficient transactions, and the new project could not generate sufficient
…Sarnamoy Plastic Sack…
Corporate Debtor sought…