The case involves a petition filed by Stressed Assets Stabilisation Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Vindhya Cast Coaters Ltd due to non-payment of a financial debt. The debt was originally granted by IDBI and later transferred to SASF. The corporate debtor's account was classified as a Non-Performing Asset (NPA) in 2000. Despite multiple opportunities and settlement proposals, the corporate debtor failed to settle the outstanding amounts.
On August 16, 1996, a loan agreement was executed between Shree Vindhya Cast Coaters Ltd (Corporate Debtor) and IDBI, granting a loan of Rs. 6,00,00,000. A guarantee agreement was also executed by Shree Vindhya Paper Mills Limited. The loan was secured by a charge over immovable properties. The Corporate Debtor's account was categorized as an NPA on March 29, 2000, due to default in repayment. IDBI issued a recall notice on April 17, 2002, and a corporate guarantee invocation letter on May 23, 2002. Shree Vindhya Paper Mills Limited proposed a one-time settlement on May 3, 2007, which was later modified. On May 21, 2009, the Financial Creditor withdrew the settlement package due to persistent breach of conditions. A statutory notice under Section 13(2) of the SARFAESI
…Sign in to view the parties.
A loan agreement was…
Shree Vindhya Paper…
The case involves a petition filed by Stressed Assets Stabilisation Fund (SASF) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Vindhya Cast Coaters Ltd due to non-payment of a financial debt. The debt was originally granted by IDBI and later transferred to SASF. The corporate debtor's account was classified as a Non-Performing Asset (NPA) in 2000. Despite multiple opportunities and settlement proposals, the corporate debtor failed to settle the outstanding amounts.
On August 16, 1996, a loan agreement was executed between Shree Vindhya Cast Coaters Ltd (Corporate Debtor) and IDBI, granting a loan of Rs. 6,00,00,000. A guarantee agreement was also executed by Shree Vindhya Paper Mills Limited. The loan was secured by a charge over immovable properties. The Corporate Debtor's account was categorized as an NPA on March 29, 2000, due to default in repayment. IDBI issued a recall notice on April 17, 2002, and a corporate guarantee invocation letter on May 23, 2002. Shree Vindhya Paper Mills Limited proposed a one-time settlement on May 3, 2007, which was later modified. On May 21, 2009, the Financial Creditor withdrew the settlement package due to persistent breach of conditions. A statutory notice under Section 13(2) of the SARFAESI
…A loan agreement was…
Shree Vindhya Paper…