Piramal Capital and Housing Finance Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SK Elite Industries (India) Limited, alleging default in payment of a Financial Debt. The Petitioner, as the successor-in-interest of Piramal Finance Limited, had sanctioned term loans to the Respondent and its sister concern, SK Wheels Private Limited. These loans were secured through mortgages, personal guarantees, and other agreements. The Respondent allegedly defaulted on repayments, leading to the filing of the petition.
Piramal Capital and Housing Finance Limited (Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against SK Elite Industries (India) Limited (Respondent) for defaulting on a financial debt. The Petitioner, as the successor-in-interest of Piramal Finance Limited, had sanctioned term loans of Rs. 47,00,00,000/- to the Respondent and Rs. 15,00,00,000/- to SK Wheels Private Limited (sister concern) on 29.08.2017. These loans were secured through a Deed of Mortgage dated 24.08.2017, personal guarantees by Mr. Anil Kumar, Mr. Akshit Kumar, and Mrs. Manjusha Kumar (promoters of the Respondent), a Demand Promissory Note dated 22.08.2017, a Share Pledge Agreement dated 21.08.2017, and a Security Trustee Agreement dated 21.08.2017. The
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SK Elite Industries (India) Limited…
Piramal Finance Limited sanctioned the term…
Piramal Capital and Housing Finance Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against SK Elite Industries (India) Limited, alleging default in payment of a Financial Debt. The Petitioner, as the successor-in-interest of Piramal Finance Limited, had sanctioned term loans to the Respondent and its sister concern, SK Wheels Private Limited. These loans were secured through mortgages, personal guarantees, and other agreements. The Respondent allegedly defaulted on repayments, leading to the filing of the petition.
Piramal Capital and Housing Finance Limited (Petitioner) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against SK Elite Industries (India) Limited (Respondent) for defaulting on a financial debt. The Petitioner, as the successor-in-interest of Piramal Finance Limited, had sanctioned term loans of Rs. 47,00,00,000/- to the Respondent and Rs. 15,00,00,000/- to SK Wheels Private Limited (sister concern) on 29.08.2017. These loans were secured through a Deed of Mortgage dated 24.08.2017, personal guarantees by Mr. Anil Kumar, Mr. Akshit Kumar, and Mrs. Manjusha Kumar (promoters of the Respondent), a Demand Promissory Note dated 22.08.2017, a Share Pledge Agreement dated 21.08.2017, and a Security Trustee Agreement dated 21.08.2017. The
…SK Elite Industries (India) Limited…
Piramal Finance Limited sanctioned the term…