Abhyudaya Co-operative Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shambhu Mahadev Sugar & Allied Industries Limited, the Corporate Debtor, due to default in repayment of a short-term corporate loan. The loan was intended to meet the Corporate Debtor's working capital requirements. The Financial Creditor claimed a default of ₹15,63,18,392/- against a principal amount of ₹15,00,06,393/- and interest of ₹63,11,999/- as on 28.02.2018.
Abhyudaya Co-operative Bank Limited (Financial Creditor) granted a short-term corporate loan of ₹15,00,00,000/- to Shambhu Mahadev Sugar & Allied Industries Limited (Corporate Debtor) on 10.07.2017 to meet its working capital requirements. An agreement for hypothecation of plant and machinery and a mortgage deed for land and structure were executed. The Corporate Debtor defaulted in repayment, leading the Financial Creditor to declare the loan account as a Non-Performing Asset (NPA) on 28.02.2018. The Financial Creditor recalled the dues and initiated arbitration proceedings for recovery of ₹16,01,29,861/- as on 30.04.2018. The Corporate Debtor failed to repay the debt or respond to the Financial Creditor's notices. The Financial Creditor then filed an application
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Loan sanctio…
Short Term Corporate Loan agreement entered into…
Abhyudaya Co-operative Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shambhu Mahadev Sugar & Allied Industries Limited, the Corporate Debtor, due to default in repayment of a short-term corporate loan. The loan was intended to meet the Corporate Debtor's working capital requirements. The Financial Creditor claimed a default of ₹15,63,18,392/- against a principal amount of ₹15,00,06,393/- and interest of ₹63,11,999/- as on 28.02.2018.
Abhyudaya Co-operative Bank Limited (Financial Creditor) granted a short-term corporate loan of ₹15,00,00,000/- to Shambhu Mahadev Sugar & Allied Industries Limited (Corporate Debtor) on 10.07.2017 to meet its working capital requirements. An agreement for hypothecation of plant and machinery and a mortgage deed for land and structure were executed. The Corporate Debtor defaulted in repayment, leading the Financial Creditor to declare the loan account as a Non-Performing Asset (NPA) on 28.02.2018. The Financial Creditor recalled the dues and initiated arbitration proceedings for recovery of ₹16,01,29,861/- as on 30.04.2018. The Corporate Debtor failed to repay the debt or respond to the Financial Creditor's notices. The Financial Creditor then filed an application
…Loan sanctio…
Short Term Corporate Loan agreement entered into…