Allahabad Bank, the Financial Creditor, filed an application under Section 7 of the I&B Code, 2016, against Suman Agritech Limited, the Corporate Debtor, to initiate CIRP. The Applicant had extended a loan of ₹64.5 crore to the Corporate Debtor, which was part of a total loan of ₹137.5 crore extended by a consortium of banks. The loan facility was renewed several times. As of 2019-01-31, the total outstanding amount in default was ₹56,89,34,000/-. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 2016-09-30, which was also the date of default. The Applicant had filed a notice under Section 13(2) of the SARFAESI Act, recalling an outstanding amount of ₹43,97,81,963/-. The Applicant submitted a Consumer Credit Information Report (CIBIL)

Allahabad Bank, the Financial Creditor, filed an application under Section 7 of the I&B Code, 2016, against Suman Agritech Limited, the Corporate Debtor, to initiate CIRP. The Applicant had extended a loan of ₹64.5 crore to the Corporate Debtor, which was part of a total loan of ₹137.5 crore extended by a consortium of banks. The loan facility was renewed several times. As of 2019-01-31, the total outstanding amount in default was ₹56,89,34,000/-. The Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 2016-09-30, which was also the date of default. The Applicant had filed a notice under Section 13(2) of the SARFAESI Act, recalling an outstanding amount of ₹43,97,81,963/-. The Applicant submitted a Consumer Credit Information Report (CIBIL)