The case involves an application filed by M/s. Allahabad Bank ('Petitioner/Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Southern Batteries Private Limited ('Respondent/Corporate Debtor'). The basis for the application is the Corporate Debtor's default on a total amount of Rs. 141,01,20,530/-. The Corporate Debtor had availed financial facilities from the Financial Creditor and was also under multiple banking arrangements with other banks. The Corporate Debtor failed to arrange funds for payment under LCs and BG commitments, leading to the devolvement of LCs and BG. The Financial Creditor sanctioned credit facilities to the Corporate Debtor, including
…M/s. Allahabad Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Southern Batteries Private Limited, the Corporate Debtor. The basis for the petition was a default of Rs. 141,01,20,530/-. The Corporate Debtor had availed financial facilities from the Financial Creditor, including working capital and term loans, and was also under multiple banking arrangements with other banks. The loan account was classified as NPA on 25.11.2018, and the loan was recalled on multiple occasions. The Financial Creditor initiated recovery proceedings before DRT, Bangalore, and under the SARFAESI Act. The Corporate Debtor submitted several resolution plans, but
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Allahabad Ba…
Southern Batteries…
The case involves an application filed by M/s. Allahabad Bank ('Petitioner/Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Southern Batteries Private Limited ('Respondent/Corporate Debtor'). The basis for the application is the Corporate Debtor's default on a total amount of Rs. 141,01,20,530/-. The Corporate Debtor had availed financial facilities from the Financial Creditor and was also under multiple banking arrangements with other banks. The Corporate Debtor failed to arrange funds for payment under LCs and BG commitments, leading to the devolvement of LCs and BG. The Financial Creditor sanctioned credit facilities to the Corporate Debtor, including
…M/s. Allahabad Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Southern Batteries Private Limited, the Corporate Debtor. The basis for the petition was a default of Rs. 141,01,20,530/-. The Corporate Debtor had availed financial facilities from the Financial Creditor, including working capital and term loans, and was also under multiple banking arrangements with other banks. The loan account was classified as NPA on 25.11.2018, and the loan was recalled on multiple occasions. The Financial Creditor initiated recovery proceedings before DRT, Bangalore, and under the SARFAESI Act. The Corporate Debtor submitted several resolution plans, but
…Allahabad Ba…
Southern Batteries…