SSMP Industries Limited, the corporate applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The company was incorporated in 2007 and engaged in manufacturing and exporting fruit pulp, drinks, and concentrates. It faced financial difficulties due to exchange rate fluctuations affecting its pre-shipment credit in foreign currency, leading to reduced borrowing limits and fund flow. The Oriental Bank of Commerce classified the company's account as Non-Performing Asset (NPA). The applicant requested the bank to de-link their borrowing facility pertaining to pre-shipment credit in foreign currency, but it was not done, resulting in business losses. The applicant proposed Shri Sumit
…SSMP Industries Limited, incorporated in 2007, engaged in manufacturing and exporting fruit products. It had two financial creditors: Oriental Bank of Commerce and Kotak Mahindra Prime Limited. In 2009, the company requested credit facilities from IndusInd Bank, which were later taken over by Oriental Bank of Commerce in 2012. Due to exchange rate increases, the company's pre-shipment credit in foreign currency was adversely affected, leading to financial difficulties. Oriental Bank of Commerce classified the company's account as NPA on 01.06.2017. The company requested the bank to de-link their borrowing facility pertaining to pre-shipment credit in foreign currency, but it was not done. The company incurred losses due to the spoilage of perishable goods. The company
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SSMP Industries Limited…
The applicant requested IndusInd Bank for…
SSMP Industries Limited, the corporate applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The company was incorporated in 2007 and engaged in manufacturing and exporting fruit pulp, drinks, and concentrates. It faced financial difficulties due to exchange rate fluctuations affecting its pre-shipment credit in foreign currency, leading to reduced borrowing limits and fund flow. The Oriental Bank of Commerce classified the company's account as Non-Performing Asset (NPA). The applicant requested the bank to de-link their borrowing facility pertaining to pre-shipment credit in foreign currency, but it was not done, resulting in business losses. The applicant proposed Shri Sumit
…SSMP Industries Limited, incorporated in 2007, engaged in manufacturing and exporting fruit products. It had two financial creditors: Oriental Bank of Commerce and Kotak Mahindra Prime Limited. In 2009, the company requested credit facilities from IndusInd Bank, which were later taken over by Oriental Bank of Commerce in 2012. Due to exchange rate increases, the company's pre-shipment credit in foreign currency was adversely affected, leading to financial difficulties. Oriental Bank of Commerce classified the company's account as NPA on 01.06.2017. The company requested the bank to de-link their borrowing facility pertaining to pre-shipment credit in foreign currency, but it was not done. The company incurred losses due to the spoilage of perishable goods. The company
…SSMP Industries Limited…
The applicant requested IndusInd Bank for…