The Petitioner, M/S. SBM Paper Mills Private Limited, filed a petition on 2017-09-04 under Section 10 of the Insolvency & Bankruptcy Code 2016 to declare itself insolvent. The company was originally incorporated as M/s Seth Bankatlal Malu Industries Pvt. Ltd. on 2000-07-14 and later changed its name to M/s. SBM Paper Mills Pvt. Ltd. effective from 2015-04-27. The company's problems in repayment began in 2016. The application was based on a default in payment to Allahabad Bank, a Financial/Operational Creditor. The computation of default amount to each of Bank's Debt along with the statement of accounts on 2016-09-06.
M/S. SBM Paper Mills Private Limited, formerly known as M/s Seth Bankatlal Malu Industries Pvt. Ltd., filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to declare itself insolvent. The company defaulted on payments to Allahabad Bank, a Financial/Operational Creditor. The default amount was computed as of 2016-09-06. The company's financial difficulties began in 2016. The Corporate Debtor created a mortgage over several immovable properties under a Deed of Mortgage dated 2010-08-13 and a Supplemental Letter of Mortgage dated 2014-09-25. These properties include agricultural land, non-agricultural land, and a residential flat. The company also hypothecated movable assets and pledged shares of the Corporate Debtor. Personal
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The Company was…
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The Petitioner, M/S. SBM Paper Mills Private Limited, filed a petition on 2017-09-04 under Section 10 of the Insolvency & Bankruptcy Code 2016 to declare itself insolvent. The company was originally incorporated as M/s Seth Bankatlal Malu Industries Pvt. Ltd. on 2000-07-14 and later changed its name to M/s. SBM Paper Mills Pvt. Ltd. effective from 2015-04-27. The company's problems in repayment began in 2016. The application was based on a default in payment to Allahabad Bank, a Financial/Operational Creditor. The computation of default amount to each of Bank's Debt along with the statement of accounts on 2016-09-06.
M/S. SBM Paper Mills Private Limited, formerly known as M/s Seth Bankatlal Malu Industries Pvt. Ltd., filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to declare itself insolvent. The company defaulted on payments to Allahabad Bank, a Financial/Operational Creditor. The default amount was computed as of 2016-09-06. The company's financial difficulties began in 2016. The Corporate Debtor created a mortgage over several immovable properties under a Deed of Mortgage dated 2010-08-13 and a Supplemental Letter of Mortgage dated 2014-09-25. These properties include agricultural land, non-agricultural land, and a residential flat. The company also hypothecated movable assets and pledged shares of the Corporate Debtor. Personal
…The Company was…
The Corporate Debtor…