The case involves an application filed by Stressed Assets Stabilization Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process (CIRP) against Shree Bhomika International Limited due to alleged default in settling an amount of Rs. 187,16,01,819/-. The debt includes interest component towards the financial credit given by the applicant. The application is based on a Foreign Currency Loan Agreement entered into by the Corporate Debtor with IDBI, later assigned to SASF.
In November 1996, Shree Bhomika International Limited (Corporate Debtor) entered into a Foreign Currency Loan Agreement with IDBI, receiving a loan of US $23,000. Subsequent amendments to the loan agreement occurred in March and April 1999. A memorandum of entry recording mortgage by deposit of the original sub lease agreement dated 26.11.1995 for the property located at plot No. 59-1, Noida export Processing Zone (NEPZ), Noida, Uttar Pradesh was created in March 1999. An agreement for pledge of shares was executed between IDBI Bank and the promoters of the corporate debtor in May 2000. The first date of default by the corporate debtor was July 2, 2001, and a recall notice was issued by IDBI Bank in January 2004. IDBI Bank transferred the facilities granted to the
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Corporate Debtor…
IDBI issued a letter…
The case involves an application filed by Stressed Assets Stabilization Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process (CIRP) against Shree Bhomika International Limited due to alleged default in settling an amount of Rs. 187,16,01,819/-. The debt includes interest component towards the financial credit given by the applicant. The application is based on a Foreign Currency Loan Agreement entered into by the Corporate Debtor with IDBI, later assigned to SASF.
In November 1996, Shree Bhomika International Limited (Corporate Debtor) entered into a Foreign Currency Loan Agreement with IDBI, receiving a loan of US $23,000. Subsequent amendments to the loan agreement occurred in March and April 1999. A memorandum of entry recording mortgage by deposit of the original sub lease agreement dated 26.11.1995 for the property located at plot No. 59-1, Noida export Processing Zone (NEPZ), Noida, Uttar Pradesh was created in March 1999. An agreement for pledge of shares was executed between IDBI Bank and the promoters of the corporate debtor in May 2000. The first date of default by the corporate debtor was July 2, 2001, and a recall notice was issued by IDBI Bank in January 2004. IDBI Bank transferred the facilities granted to the
…Corporate Debtor…
IDBI issued a letter…